Using A Quitclaim Deed When Divorcing
REM #A764
By Ilyce R. Glink
Summary: A ThinkGlink reader is settling a divorce and his ex-wife wants him to sign a quitclaim deed. Ilyce explains that the mortgage must be refinanced without his name before giving up rights to the property.
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.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
Refinance Home When Using Quit Claim Deed
Ex-Husband Signs Quitclaim Deed
Divorce Leads To Property Dispute
Changing Name On Title To Home
Refinancing Required By Divorce Settlement
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