Divorce can be among life’s most emotional and complex experiences. There is child custody and visitation to settle. Assets to share. Business and benefits to parse. Property to sell.
Spouses who want to start over personally and financially often must figure out how to value the family home, reconcile debt and shift from joint to sole ownership. You can negotiate a settlement or have a judge award the house to you or your ex.
. It requires a quit claim deed.
What’s in a quit claim?
A quit claim deed is a document that transfers real estate from one person or entity to another. The grantor gives their ownership interest to the grantee, who becomes responsible for all taxes, liens and assessments. Usually, there is no dispute about who owns the property, which is why quit claim deeds can be ideal in divorce settlements.
Florida law requires that quit claims include:
- Legal names of the grantor and grantee
- Property address and legal description of the parcel
- Witnessed and notarized signatures of grantor
- Filing the deed with the clerk of court for the county where the property is located
- A recording fee and applicable documentary stamps
Couples who jointly own property also may be responsible for the mortgage. Debt is a separate element of divorce that must be negotiated like child custody, business stakes and marital assets. Contact your lender to understand lingering obligations.
Starting over with peace of mind
Real estate transactions are fraught with uncertainty, even when they involve people who know each other. One spouse may be difficult to track down to complete a deal that should have been done years earlier.
Adding or removing someone from a deed requires precise language and understanding your options to avoid costly litigation. Mortgages and property taxes can be expensive and easily forgotten as years pass between a divorced couple. A creditor could attach a lien on your property or your ex’s heirs can start a title fight during an estate battle.
A simple transaction becomes incredibly complicated if your former spouse moved away or died before securing the title. An advocate experienced in real estate and estate planning laws can answer questions, resolve disputes and provide peace of mind.