The court has two options when it comes to the marital home. Upon divorce, a spouse may be surprised to learn that by signing a quitclaim deed or interspousal transfer deed, he or she relinquished a community interest in the house. Or, one spouse may transfer property owned solely in their name to a family member to try to avoid losing the property in the divorce. Thank you for subscribing to our newsletter! Divorcenet.com: Problems of Hidden Assets in Michigan Divorce Litigation, Washington Post, Real Estate: Quitclaim Deed Transfers Ownership, Not Loan Responsibility. Thanks to Kim's no-nonsense approach, caring attitude, experience and dedication to her clients. It is important that if you are going to sign a quit claim deed, you have your own attorney review the document and have a signed agreement in place. In this situation, the husband who quits claim on the property is referred to as the grantor while the wife who owns the property is called the grantee. 20 N. Clark Street, Suite 3300 Chicago, IL 60602. There are different types of deeds based on what the deed promises. Her knowledge of the court system was advantageous in settling my cases in a short amount of time. However, if there are other assets or one party can buy the other out, the Court may order the party giving up the home to execute a quit claim deed. » Advocated on my behalf and ultimately helped me win custody of my son. Perhaps, this is why quitclaim deeds are often mistakenly referred to as “quick claim deeds." This portion of the site is for informational purposes only. The execution of a quitclaim deed is typically a requirement of a divorce settlement in order to complete the division of assets. Referred by friend, very glad she did – I had been through 2 previous attorneys in my case that was approaching 3 years. It is common during a divorce for one spouse to quitclaim their interest in a property to the other spouse. Read this article if you or your ex-spouse got a house, land, or other real property in your divorce or separate maintenance. Quitclaim deeds are often used to convey real estate between family members or in a New Hampshire divorce when one spouse relinquishes title to the other as part of a marital property settlement. There is no automatic transfer of ownership simply because the divorce is complete; it’s essential to complete the proper paperwork. Real property, like a home and accompanying land, is a large percentage of many married couples net worth. A quitclaim deed will remove the out-spouse (or departing spouse) from the title to the property, effectively relinquishing their equity or ownership in the home. These disputes sometimes involve property transferred by a quitclaim deed before a divorce. For this reason, real property distribution is often a hotly-debated issue during a divorce. It is important that if you are going to sign a quit claim deed, you have your own attorney review the document and have a signed agreement in place. Quitclaim deeds are a very common type of legal document that deals with the rights associated with a property. She always responded immediately, proposed a solution, and put me at ease. Suite 3300 March 23, 2018. Once the quit claim deed is … Divorce filed Nov 8, 2012. If you wait to receive the deed until after the divorce, it could take you longer to refinance which could cost extra money. Amazing Divorce Lawyer – Listened to my concerns. A deed is a document that transfers ownership interest in property from one person to another. The new quit claim deed transfers the interest of one spouse to the other spouse if they refinance the mortgage into one spouse’s name, if they sell the real estate to another person or if there is no mortgage. If you are going through a divorce and want to explore if quit claim deed is right for your situation, be sure to seek experienced legal advice. There are different types of deeds based on what the deed promises. Can she quitclaim the deed to our house in order to avoid splitting the property if we divorce? The statements and opinions are the expression of author, not LegalZoom, and have not been evaluated by LegalZoom for accuracy, completeness, or changes in the law. Get the information you need to prepare for divorce with Lisa You may have a lot of paperwork to file after your divorce is final, including documents to transfer ownership in items you bought while married. People can use quit claim deeds to transfer property, and avoid probate, prior to passing. Interspousal transfer deeds are similar to quitclaim deeds and relinquish any further claim of community property.It can be signed by a current spouse or a spouse in the midst of a separation or going through final divorce proceedings. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. You are much better off refinancing the mortgage after the divorce than letting your ex-spouse control the home by giving him or her title to the home using a quit claim deed. Chicago, IL 60602. They make it easy to transfer equity in marital real property and many times, can be drafted by the same attorney you are using in the divorce. A quit claim deed divorce is a simple way to transfer your real estate property to the other spouse. Copyright © 2021 All rights reserved. You may need a quitclaim deed to transfer the property. For … Whether property transferred in a quitclaim deed signed before a divorce is valid depends on the circumstances. However, if there are other assets or one party can buy the other out, the Court may order the party giving up the home to execute a quit claim deed. A quit claim deed has less formality than a standard warranty deed and makes for a quick and efficient transfer among parties who are divorcing. Here, we discuss quit claim deeds and how you could use them as a vehicle to facilitate asset division in a divorce. I also used the proceeds to pay off our old loan. BC Privacy Policy. Signing a quit claim deed upon a divorce can be a mistake. If the mortgage is in your spouse's name, it doesn't mean he has an ownership interest. If there are not enough assets to equal the equity in the home, or neither party can afford to pay the other party for their interest in the home, the Court will likely order the home sold and the proceeds split. Our opposing attorney was a bully and very dramatic, but Nichol never flinched. We're available Mon-Fri 5 a.m. to 7 p.m. PT and weekends 7 a.m. to 4 p.m. PT. Stockbyte/Stockbyte/Getty Images. Unlike other deeds, it makes no promises or warranties that the property is lien/mortgage free or that the property is actually theirs to transfer. Decree states house to be put on market on March 2013. March 23, 2018. Your parent may be passing her home to you, for instance, and the quitclaim deed will remove her interest in the property so that you can take it over. Quitclaim deeds can have an impact on the continuance of title insurance. However, with a quit claim deed one spouse may give up rights to certain property but not necessarily liability for any mortgage or lien on the property. I can’t say enough good things about Jessica. Record the quitclaim deed at the county recorder's office. Divorce isn’t the only situation where a quitclaim deed is used. These disputes sometimes involve property transferred by a quitclaim deed before a divorce. A quitclaim deed is a type of deed that transfers whatever interest the transferring party has in a piece of real property. Quitclaim deeds are legal instruments that transfer ownership of a property. If there are not enough assets to equal the equity in the home, or neither party can afford to pay the other party for their interest in the home, the Court will likely order the home sold and the proceeds split. Transfer Ownership to Spouse in Divorce. It’s possible to include language in the divorce agreement or divorce decree that instructs a spouse to refinance the home as soon as possible, though it’s generally inadvisable. An example would be a husband foregoing interest in the property that his wife owns. Thank God a good friend referred me to Jan who gave me confidence, stuck to our strategy, executed a direct game plan and came out of a difficult situation with multiple victories. Excellent Representation by a Top Professional - I hired Kim to handle a post-divorce modification. Ex said he can do loan modification but lender requires I sign a quit claim deed before it can be modified and decree will need amendment removing clause that house is to be sold. © LegalZoom.com, Inc. All rights reserved. March 26, 2018. The spouse on title could the awarded the house in full, subject to various other community interests or reimbursement rights. Straight forward, honest, and impeccable character. Her advice and expertise in my court case was unbelievable, she took care of all my needs and was understanding when helping me deal with a tough time.