How would the judge decide to divide the equity in my home if I were to divorce?Ī: Any property that was purchased during marriage is considered community or marital property. I have always been the main provider for the family, but am worried that in the divorce settlement he will be able to sue for half of the equity in my house. My spouse quit claimed the house to me in order to get it mortgaged since he was not employed at the time. Q: Is my spouse entitled to any equity if he quit claimed the home to me? This can only mean that you have the sole responsibility of paying the mortgage and yet he co-owns the house with you. What can I do?Ī: It is unusual to have both your names both on the deed and yet only your name on the mortgage. The mortgage for our house was originated in my name only to get a better interest rate, but both our names are listed on the deed. Q: When do I get my spouse's name off the deed and mortgage? You are still responsible to pay for all the joint debts regardless of the division of property during your divorce. It has no effect on the debts or loan obligations of both husband and wife. Am I still liable for this debt, or did the quitclaim deed release my responsibility?Ī: A quitclaim deeds affects only how the property is titled. My ex has failed to meet his financial obligations and the mortgage company is pursuing me. We held equity loans on two separate properties and during our divorce, each property was signed off to its respective owner using a quitclaim deed. Q: Will a quitclaim deed release me from the mortgage obligation? A quitclaim deeds affects only how the property is titled.
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