When a couple decides to divorce, numerous questions arise regarding who will pay for what. The questions continue when it comes time to divide the assets held in both names. A quitclaim deed most of the time is the best way to go.
When both parties have their name on a home or vehicle or any other kind of property, a quitclaim deed is used to transfer ownership of that property from one person to the other. When this occurs, one person is officially giving up his or her legal interest in said property. This is not an easy process – the quitclaim deed must include a detailed description of the property and which party is relinquishing interest and who is accepting interest.
Signing your interests away on a home where your name is on the mortgage does not mean you are no longer responsible for that debt. Before you sign on the dotted line, it would be wise to contact an experienced Orange County Family Law attorney who can advise you of your rights and responsibilities.
