Question: I have to do a quitclaim deed as part of my divorce. My wife got to keep the house. The house has equity in it. I get to keep our joint savings account, our art collection and our brokerage account.
I think my wife got a better deal but I understand that I have to give her the house as part of our divorce.
We live in Roswell, GA, and we put a lot of money down on the house so it always had equity even when we were in the Great Recession. Our down payment was very large and we always made extra mortgage payments.
Our savings account was pretty big because we always saved money. We collected a lot of art and had some expensive prints and paintings. Our brokerage account is really not large. I invested in a lot of Internet stocks years ago and they lost a lot of value. But recently I had some mutual funds that made money.
Please tell me exactly what a quitclaim deed is and how it works and if you can do one for me. Thanks.
V.A. in Roswell, Georgia
Answer: A quitclaim deed is used to convey an interest in real property. It passes any title, claim or interest that one person has to another person. It contains no warranties or guarantees so it just passes whatever interest you have in the property to your wife. Once you “quitclaim” your interest in the house to your wife, she will then own the whole home, not just half of it.
Quitclaim deeds are often used in divorce situations to transfer an interest in property to a spouse or former spouse.
We have done many quitclaim deeds for clients. As with any legal transaction, quitclaim deeds should be drafted properly and filed correctly.
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