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Joseph
Joseph, Attorney
Category: Legal
Satisfied Customers: 7280
Experience:  I have 15 years experience in the legal field, currently specializing in criminal and family law
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I am going through a divorce through a mediator. My husband

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I am going through a divorce through a mediator. My husband has been in a different state for 3 yrs. He asked for this divorce 1 1/2 yrs ago. (He had met someone new). I want to keep the house. He doesn't want the house. At present, the home is under water by about $40,000. I had met someone a year ago. He moved in with me in Jan. My husband doesn't want to QuitClaim the property. Part of our settlement is that he is paying me 50% of the overage of the debt to the value of the property. I am to sell or re-fi w/in a year, on my own. His two fears are: He's still on the debt and his exposure legally with someone he doesn't know living in the house and someone making an injury claim against us. To address the first issue, I agreed to creation of a Trust that in case of my untimely death, I will have an account set up to pay off the house to the bank. Since I have agreed to sell or re-fi w/in a year, he only has to be concerned about that amount of time. With the 2nd issue, I increased our homeowner's policy from 500,000 to $1,000,000.00. Is there something that I don't understand about a QuitClaim? To me, the combination of the divorce with the QuitClaim will remove him from Title to the property and if anything happens and they try to sue me, they won't be able to touch him! I can't convince him that the bank only cares about getting paid. They don't get involved in a legal battle with someone trying to sue a person for an injury on the property. (I use "injury" because that is what he is voicing concern over) What are your thoughts?
Submitted: 4 years ago.
Category: Legal
Expert:  Joseph replied 4 years ago.

Unfortunately, a quit claim deed does not accomplish as much as you had suggested. In a divorce action, there are two important aspects of the marital home that need to be considered, legal title to the property and the loan against the property.

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As to the legal title to the property, this can be addressed by way of the quit claim deed. If your husband were to sign the quit claim deed, this would convey his interest in the property to you. This would eliminate any claim he might have to an ownership interest in the property.

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As to the loan against the property, this can be addressed by way of the refinancing of the mortgage. However, it is not effected in anyway by a quit claim deed.

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So, if he signs a quit claim, he loses any interest in the property but still has a financial obligation with the mortgage. Only a quit claim deed AND a refi will sever all of his ties to the property.

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Please let me know if you need clarification on anything.

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