Quitclaim Deeds in Divorce: Handling Property Transfers in Separation
Going through a divorce can be an emotionally and financially challenging experience for the people involved and one of the crucial aspects that require careful consideration is the division of assets, particularly real estate properties.
A common method used to transfer ownership of property during divorce proceedings is through a quitclaim deed. You can find a free quit claim deed form easily at websites where legal templates are available online for free or at a small cost. Find out how it is used to handle property transfer at the time of getting divorced.
Handling Property Transfers during Divorce
When going through a divorce, both parties typically need to decide what will happen to any jointly owned properties. In some cases, one spouse may want to keep the house, while the other may prefer to transfer their ownership rights to their former partner. This is where the quitclaim deed comes into play.
By signing the quitclaim deed, the spouse who wishes to relinquish their interest formally gives up any claim they have to the property. However, it is essential to note that the mortgage or any existing liens on the property remain the responsibility of both parties unless explicitly addressed in the divorce agreement.
Steps to Handle a Quitclaim Deed during Divorce
Here are the steps that you need to follow:
1. Drafting the Deed
The process begins with drafting the quit claim deed in Texas, which should include the names of the parties involved, a clear legal description of the property, and the date of the transfer.
It is essential to have the deed prepared by an experienced real estate attorney, in order to avoid any legal pitfalls.
2. Notarization
Once the quitclaim deed is prepared, both spouses must sign the document in the presence of a notary public.
3. Filing
After notarization, the deed must be filed with the appropriate county office where the property is located. This filing ensures the transfer of ownership is officially recorded in public records.