One common point of contention during a divorce case is each partner’s responsibility for paying debts such as a mortgage. In some circumstances, the couple might simply choose the best option is to sell off the house and pocket the profits so that they don’t have to worry about untangling the asset. In other cases, one spouse may take ownership of the house and buy out the other’s interest. In that situation, a quitclaim deed could be necessary.
A person who signs a quitclaim deed forfeits his or her rights and claims to the property, but it does not release him or her from responsibility for the mortgage. In essence, this gives the other party in your divorce full rights to the home, even though your name remains on the mortgage. As such, this means you could still be held accountable for missed mortgage payments, which could have an impact on your credit score.
If there is equity in the property and the party that signed the quitclaim deed is receiving a portion of that equity, there is a version of the quitclaim deed that allows the signing party to reserve a lien on the property until that equity is paid out.
Ultimately, you should speak with an attorney about the best way to transfer real estate during your divorce. For more information, speak with a skilled Minnesota divorce lawyer at Appelhof, Pfeifer & Hart, P.A.
"Tori had a thorough understanding of my situation and made excellent recommendations to resolve my concerns. She was persistent on communication and handled everything in a very timely manner. I would definitely hire her again in the future if needed." - M.K.
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"Mary from APH Law helped me thru a difficult divorce. She and the entire staff was there for me every step of the way helping me on what to do next. They listened to what I wanted and helped me achieve what matter the most to me in the divorce settlement." - Dana C.
"I chose APH after my initial consultation with Mary. I felt my best interest would be represented. The entire process went excellent, the attorneys and staff communicated effectively and efficiently with me throughout the process as they needed to. Being new to the legal process and verbiage, they walked me and talked me through the next steps and the jargon, I felt completely comfortable and represented. I hope I never have to use legal services again but if I do I will call Mary at APH Law and know that I will be taken care of." - Jeff M.
"Divorce is a time of emotion and stress. Mary Pfeifer , My lawyer was professional and compassionate. She was very informative through the process. Her insight helped me in my decisions. She worked hard to obtain a settlement which was fair to both parties. Though, I hope I won't need her help again. It is reassuring to know a good person that is willing to help." - Rod S.
"I first came to Ms. Jacquelyn Lutz of Appelhof, Pfeifer and Hart in October of 2016. It was definitely the worst time in my life and she compassionately spoke with me about my options. Ms. Lutz thoroughly explained the laws, statutes, process and what to expect going forward. What was supposed to be one case, turned into three intricate cases that took a huge toll on me and my family. Ms. Lutz represented me in court on all three cases with a vast knowledge of the laws and how to proceed accordingly. During all three cases she kept me informed, calm, gave me resources to utilize, and (most important) gave me a realistic view of what may come next. Ms. Lutz knew each case required a great deal of knowledge and creative thinking on how to legally proceed forward with each case. My family and friends are forever grateful for the amazing representation by Ms. Lutz. I highly recommend Ms. Lutz for anyone needing or considering superb representation for any kind of family law. " - M.H.