Divorce pending,,refinance with quit claim

[ivorychoco71]

Tenn. We have started paperwork for divorce, part of agreement was that wife would refinance house in her name and give me some of the equity. We just signed refinance papers 2 days ago, I had to sign a quit claim. We both are unsure if we even want a divorce,(it's been on hold for 5 months). Question is , if we don't divorce, by me signing quit claim, will I lose all Future rights to property?

 

[Ohiogal]

Tenn. We have started paperwork for divorce, part of agreement was that wife would refinance house in her name and give me some of the equity. We just signed refinance papers 2 days ago, I had to sign a quit claim. We both are unsure if we even want a divorce,(it's been on hold for 5 months). Question is , if we don't divorce, by me signing quit claim, will I lose all Future rights to property?

Is there an agreement that this is a buyout for a divorce? It is in writing? What paperwork has been done for the divorce?

 

[ivorychoco71]

Yes, we started paperework with attorney,pretty much just stating who got what, and yes, that was my price for buyout. Just wondered if it never went to court, would I still have future claim if we stay married.

 

[ivorychoco71]

Yes, we started paperework with attorney,pretty much just stating who got what, and yes, that was my price for buyout. Just wondered if it never went to court, would I still have future claim if we stay married.

 

[Ohiogal]

Yes, we started paperework with attorney,pretty much just stating who got what, and yes, that was my price for buyout. Just wondered if it never went to court, would I still have future claim if we stay married.

Starting paperwork matters not. Did you sign a separation agreement? Did it say it would be used in any eventual divorce? Did it say she gets the house without any further claim from you?

 

[ivorychoco71]

Ok. Only thing I signed was the worksheet in which we both wrote down how we would split everything, visitation for kids, etc.

 

[ivorychoco71]

I think that is the papers we filled out (separation agreement)together, and it did state that the house would be refinanced and I would get X amount of equity.

 

[Ohiogal]

I think that is the papers we filled out (separation agreement)together, and it did state that the house would be refinanced and I would get X amount of equity.

Quite frankly YOU need your OWN attorney to review what you signed. That is the only way you will get questions answered properly.

 

[LdiJ]

Tenn. We have started paperwork for divorce, part of agreement was that wife would refinance house in her name and give me some of the equity. We just signed refinance papers 2 days ago, I had to sign a quit claim. We both are unsure if we even want a divorce,(it's been on hold for 5 months). Question is , if we don't divorce, by me signing quit claim, will I lose all Future rights to property?

Since the refinance has already closed, which means the transfer of ownership to your wife only has closed...and since I am assuming that you received part of the equity, then certainly that implies a contract in which the house is now her separate property and the equity that you got from that is now your separate property, even if you do not get divorced.

However, any additional equity that would accrue during the marriage would likely be marital property.

 

[Ohiogal]

Since the refinance has already closed, which means the transfer of ownership to your wife only has closed...and since I am assuming that you received part of the equity, then certainly that implies a contract in which the house is now her separate property and the equity that you got from that is now your separate property, even if you do not get divorced.

However, any additional equity that would accrue during the marriage would likely be marital property.

WRONG. Such things need to be in writing. Real property transfers and contracts such as the like need to be in writing. As for your last sentence, that is not necessarily true either. Depends on what the "separation agreement" states and how it was written. Hence why NO ONE can answer him correctly because we can't see what he signed and determine if it is binding.

 

[ivorychoco71]

Thanks, I will have an attorney read over it. Thanks again.