What You Need To Know About Quit Claim Deeds And Divorce

One aspect of a dissolution of marriage is the division of marital assets. For many couples, the largest asset is their home. The court has two options when it comes to the marital home. 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. 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. Here, we discuss quit claim deeds and how you could use them as a vehicle to facilitate asset division in a divorce.

When Quit Claim Deeds are an Asset Transfer Solution in a Divorce?

If you and your spouse agree to execute a quit claim deed, then the question becomes whether to execute the deed before the divorce is finalized or after. If you are the spouse who is receiving the interests from a quit claim deed, it is beneficial to you to have your spouse execute the deed prior to the divorce being finalized. This way you ensure compliance with the agreement and won’t have to go back to court to enforce the marital settlement agreement after the divorce is finalized. Getting the quit claim deed from your spouse prior to the end of the divorce also makes it easier for you to start refinancing and come into compliance with the dissolution of marriage judgment. If you wait to receive the deed until after the divorce, it could take you longer to refinance which could cost extra money.

Things to Consider when Processing a Quit Claim Deed

Quit claim deeds are a useful and effective tool for individuals going through a divorce. 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. 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. Once the quit claim deed is signed, it is difficult to undo the transfer.

If you are going through a divorce and want to explore if quit claim deed is right for your situation, be sure to seek experience legal advice. Feel free to contact our office today to schedule a confidential consultation. Our team of experienced and top rated family law and divorce attorneys will help you make the right choices.

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://illinoislawforyou.com/divorce/quit-claim-deeds-and-divorce/

When Everything Is On The Line, You Need An Attorney You Can Trust, That Will Advocate & Fight For Your Family! We Can Help!

When Everything Is On The Line, You Need An Attorney You Can Trust, That Will Advocate & Fight For Your Family! We Can Help!