Posted on: 02nd Mar, 2010 02:10 pm
My ex husband cannot afford to pay for his half of our childrens' tuition. He owns some property (it is paid for) that he has been trying to sell, but it hasn't moved yet. He has agreed to give it to me in exchange for me paying his half of the tuition. Will a quick claim work for this situation? Can he just sign it over to me without exchanging money?
Hi Beth,
Your ex-husband can transfer the property to you by signing a quit claim deed. This will make you the owner of the property. However, if your ex-husband transfers the property to you as a gift, then he would be responsible for paying gift taxes.
Thanks
Your ex-husband can transfer the property to you by signing a quit claim deed. This will make you the owner of the property. However, if your ex-husband transfers the property to you as a gift, then he would be responsible for paying gift taxes.
Thanks