Q: My ex-wife wants me to sign a quitclaim deed to the house that we presently own. We are both listed on the mortgage.
My question is will my signing a quitclaim deed now, in any way, affect the divorce decree that states that she agrees to sell or refinance the home within 5 years from the divorce date?
In other words, will the divorce decree in any way be potentially compromised by me signing away my rights to the home using a quitclaim deed?
A: If I were you, I wouldn’t sign a quitclaim deed to the property until your ex-wife refinances it and your name comes off the mortgage.
If you sign the quitclaim deed now, you give up all rights to the property — but you’ll still be legally on the hook for the mortgage payment each month. And if for some reason you are legally not on the hook for the payment, your credit history will be. That’s a losing scenario for you, particularly in a divorce where emotional baggage comes into play.
Instead, tell her that when she’s ready to refinance, you’ll be more than happy to sign the quitclaim deed at the closing. She won’t like it, but you’ll be protecting yourself.
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