Q: My wife and I are having issues. We have 2 houses in her name with a POA. Can she sell the property
I travel overseas for work and have given full POA to my wife. We are having issues and I am afraid she may sell our properties and take all the money. I am not sure if she can take all the proceeds from the sale? What can I do to protect my share? 2 houses in NJ and one in VA.
If she files for a divorce, what happens to our assets since she has full POA from me since 2015.
A:
You can revoke a power of attorney at any time. It's as simple as "I hereby revoke the power of attorney given to (name) dated (date)." and then sign it, give her a copy, and make a written note on a copy when you handed it to her. Mail copies to banks, tenants, and anyone who deals with the agent.
While that simple approach should do it, you can and should also record a NOTARIZED revocation of power of attorney at the courthouse for all jurisdictions where you own property.
NOTE while this answer should work in Virginia - I make no representation for New Jersey.
ALSO, you need to consult a lawyer as soon as possible - both for the domestic relations issue and the property issue.
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