While going through a divorce, there are many questions to be answered as to whom gets to keep what in terms of assets acquired during the marriage. Properties and homes are a big concern when it comes to dividing those assets during the dissolution.
Many couples are able to settle a divorce and the division of assets amicably without the chaos a lot of soon to be spouses endure. For homeowners, it is good to know how to transfer one spouse’s interest to the other before the divorce proceedings get underway.
It is a common question as to whether the interest can be transferred from one spouse to the other via quit claim deed. Although the answer is yes, most attorneys advise against it. Instead, a warranty deed helps you maintain the title insurance guarantees without risking a future buyer’s disapproval when they see that the home was transferred via quit claim. Once the deed is transferred, be sure to have it recorded with the clerk of the court.
If there is a mortgage involved, it is a good idea to check into refinancing the home once the deed is transferred. By doing this, it will release the other spouse from the obligation. If a refinance is done before the deed transfer, both can be done when the refinance closes. Speak to an experienced attorney to help you navigate the process so that the timing of all actions in appropriate.
Stephen K. Hachey, a Florida real estate attorney, can help your wade through this process and determine a positive solution. Contact him at 866-200-4646.
The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.