Posted on: 16th Jun, 2011 02:10 am
my wife and i are splitting amicably. it is unlikely that i can refinance our home now in my name only. i understand that only a re-fi will absolve her from responsibility related to the mortgage. however, will her signing a quit claim deed absolve any rights to prevent a future sale and/or claim rights to any future equity?
Settlement on funds ought to be a part of the divorce proceedings, so her providing you with a quit claim deed would seem to be a separate issue. However, in light of the difficulty you cite in refinancing, you may find a prudent judge who'll require that the quit claim and the funds transfer take place simultaneously. Honestly, that only makes sense.
If I'm in your wife's shoes, I'm not about to give up my ownership interest for Zero dollars when I'm entitled to $XXX - whatever that may be. That could result in a battle royal when it came time for you to sell the home and reap the benefits of improved equity and sales price.
As the newly-departed wife, I'd want to take my money and move on, free and clear of the home and not being owed any money.
Honestly, I see that as a situation that your two lawyers need to hash out, and you'll need to keep in the mind that the judge will be deciding on how well the financial piece of the puzzle has been put together.
I don't envy you; nor your lawyers, either.
If I'm in your wife's shoes, I'm not about to give up my ownership interest for Zero dollars when I'm entitled to $XXX - whatever that may be. That could result in a battle royal when it came time for you to sell the home and reap the benefits of improved equity and sales price.
As the newly-departed wife, I'd want to take my money and move on, free and clear of the home and not being owed any money.
Honestly, I see that as a situation that your two lawyers need to hash out, and you'll need to keep in the mind that the judge will be deciding on how well the financial piece of the puzzle has been put together.
I don't envy you; nor your lawyers, either.