Is it wise to do a Quick Claim Deed on a house before a divorce?
My wife and I are going to divorce in 60-90 days. She is still living in the house with me. She wants to purchase a spefic house to move out now, which is probably best for both of us. Her realtor has told her that the only way to get the loan/house now is for me to sign. Not because of credit problems, but merely because of our marriage. The realtor told her that I could sign a Quick Deed on the house and relinquish my interst/responsibilities after the divorce. Would this relinquish ALL of my responsibilities and liabilities concerning the house and the loan? Thanks in advance for your help.
Are you taking legal advice from your future ex wife’s realtor, ask your attorney first. The realtor would get a commission of the purchase and sale, of said house, while the divorce lawyers battle out the details and take the fees for settling this one.
First of its Quit Claim……
In many states, they require the spouse to sign on the deed to relinquish dower rights…sounds like that is what they want you to do….are they asking you sign away dower rights on the new house or existing house? Your question is not clear….
you really should talk to your lawyer,
but a couple of things, if you sign for a note on the new house for your ex-wife you will be liable for the note until she refinance the note listing only her
The quick claim deed or a divorce decree will release you from being liable for the note
do you really want to be on a note for a house you will have nothing to do with?
There is no such thing as a QUICK claim. It’s a QUIT claim and you should be talking to your lawyer.
It’s my understanding that even if you sign a quit claim deed, your marital interest in the property remains intact until the divorce is final.
SIGNING A QUIT CLAIM DEED DOES NOT END YOUR LIABILITY FOR THE LOAN!!!!!!!
So don’t do it.
And really, I’m not understanding this, as I keep reading it. She wants to move to a new home. So why would YOU be the one giving her the home you currently own? She should be giving it to you.
If you are both liable for the loan (check your NOTE from your closing papers. Not the Mortgage document), then you would have to refinance into just your name, sell, or see if your current lender will let you assume your existing loan (which can be done in cases of divorce, if you can qualify on your own).
You need your own attorney, and you need to ignore this realtor. He is wrong in so many regards here, it’s just bad bad bad.