Quit Claim Deed

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Quit Claim Deed

Quit Claim Deed

What Is A Quit Claim Deed And Why Is It Needed in Some Divorces?

In many divorce actions, a husband and wife own a home or property jointly. When husband and wife own property jointly, it is usually held by tenancy by the entireties. In some instances, a husband and wife could own by property as joint tenants, but tenancy by the entireties is much more common. Either way, when either spouse dies, the other spouse gets full ownership of the property.When parties divorce, the court has to divide all marital property and debt in a just manner. This includes the marital home and any real property that the parties both own.Whether a divorce is resolved through settlement, including mediation or collaborative law, or through a trial in a litigated case, the marital home and any other real property owned by the parties has to be divided. This is generally accomplished through a Quit Claim Deed. A Quit Claim Deed is used to transfer the joint ownership into sole ownership. More specifically, the Quit Claim Deed removes one spouse’s name from the title. The document is prepared by a lawyer. It is then filed with the recorder of deeds in the county where the property is located.This is to be differentiated through the mortgage on a marital home or real property. To remove one spouse’s name from the mortgage, a refinance or assumption is generally needed. A Quit Claim Deed does not remove a party from a mortgage.In some cases, a divorce settlement or judgment might require one spouse to simply pay the mortgage. But if the other spouse’s name is not removed, and there is a default, a judgment can be entered against both spouses. When this happens, parties may have to consider bankruptcy is the debt cannot be paid.This is why a refinance or assumption agreement can be critically important in many cases, including a deadline for this taking place, or else the property has to be sold.

Divorce Lawyers Assisting With Quit Claim Deeds in Missouri, Illinois, Nebraska, Kansas, and Oklahoma

If you are going through a divorce where there is a marital home and other property, Stange Law Firm, PC can help. You can contact us online or call us at 855-805-0595. We have offices in St. Louis, Kansas City, Columbia, Springfield, Wichita, Tulsa, Chicago, Lincoln, and beyond.

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Helpful Information Regarding Property and Debt Division From our Webpage

We also have pages on numerous other topics related to property and debt division from our webpage, including the pages below and on our menu:

High Asset Divorce

If you are considering divorce and have a high net worth, it's important that you have legal counsel in your corner. It is also vital that you have an attorney that is diligent on your behalf.

Divorce Financial Planning

If you will be going through a divorce, conducting divorce financial planning can be critical to ensuring that you can move on with your life on sound financial footing.

Commingling Assets

In many divorce, parties own some assets prior to marriage and then buy additional assets after marriage. Often, these assets can end up being mixed together (or commingled). If this has happened in your case, it is important to work a diligent lawyer.

Transmutation

In some cases, a party might own certain property or assets prior to marriage. After marriage, the assets might become re-titled in joint names, which can result in the assets being transmuted into marital property. Our lawyers can help you if this is what has happened in your case.

Complex Property Distribution

In many high asset divorces, property distribution can be complex and complicated. Our attorneys can help you with difficult property distribution.

The Marital Home

The martial home can often be one of the most prized marital assets in a divorce. The marital residence can also be important as it relates to stability for children in divorce. Our lawyers can assist if this is the case for you.

Real Estate Appraisers

When residential or commercial property is owned in a divorce, ensuring that this property is properly valuated by a real estate appraisal can be critical in many cases. Our lawyer can help ensure you are refered to a competent real estate appraisal.

Trusts

Many parties have either created trusts for their family, or stand to inherit funds through a trust outside of the probate court. In many cases, this can be an important issue in a divorce in which our lawyers can help.

Inheritance

In many divorces, parties have either inherited, or stand to inherit, sums of money from their parents or other relatives. This can be a contentious issue in some cases in which our lawyers can help.

Investment Accounts

In many marriages, parties can have investments accounts where they are saving money in the hopes that they can have a better life, save for their retirement and have assets in which to provide their children and grandchildren. When a divorce takes place, it's vital that these assets be appropriately accounted for in the property division phase of a divorce.

Stocks and Bonds

Many married couples also have significant sums in stocks and bonds. It's vital to work with an attorney to have an accounting of what is out there and to ensure it is properly addressed in family court.

Life Insurance

Term life and whole life insurance policies are commonly held by parties in a marriage. When parties divorce, these life insurance policies can become critically important in terms of the possession of the policies, the beneficiaries that remain on them and who is to make the payments and/or have possession of the cash value in instance of whole life insurance.

Appreciation of Separate Property

In some dissolution of marriages, parties owned and possessed separate property prior to marriage. During the marriage, these assets can often increase in value due, in part, to the contribution of the other spouse. Our lawyers can help individuals in these instances.

Marital Debt

In many cases, debt can be a real problem as it relates to property distribution, albeit through support or marital debt. If that is the case in your divorce, our lawyers can assist.

Jumbo Mortgages

Jumbo mortgages can be an issue in some divorces. If this is the case for you, you can talk to our lawyers.

Property Issues for Unmarried Couples

For many unmarried couples, they can accumulate property and debt. When they separate, the property and debt they own together can become a contentious issue. Our lawyers can often help if this is the case through a partition action.

Quit Claim Deed

Some people wonder how to transfer title out of joint names after a divorce. Our lawyers can help explain how a Quit Claim Deed works.

Refinance

Many are not sure as well how to get a mortgage out of the names of both spouses after divorce. Find out more about refinance and divorce.

Gift Affidavits

Parties oftentimes have to transfer title to their vehicles as part of a divorce. Find out more about how gift affidavits work.

Commissioner to Sell Real Estate

Some divorcing parties are unable to work together to sell their real estate as part of the divorce. You might be interested in knowing more about the possibility of a Commissioner being appointed.

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From our webpage, you can also read articles about family law, view informational videos, seminar videos, listen to our podcast, download our mobile application or view support calculators for Missouri, Illinois and Kansas.

If you are looking to find and hire a child custody lawyer, contact us online or by phone to schedule a consultation at any of our convenient locations.

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