Quit Claim Deed

[emrybored]

Washington State: I am about to file legal separation from my spouse. He wants to refinance the house right now and was told in order to do so before the divorce is final, he has to have me sign a quit claim deed. I am willing to do so but would like to make sure I'm protecting myself and my interests. In the legal separation we have outlined that he is to pay me half of the equity in the home in 10 years time. IF we file this in the legal separation will it hold its legal value upon dissolution of marriage? IF I sign a quit claim deed now, before the dissolution has been finalized, am I signing off my rights to the half of the equity that we agreed upon in the legal separation papers? Is there some other legal contracts that will protect me? He is wanting to refinance right now as the rates are low. We completely get along and haven't had any issues since I left him a couple years ago. I just don't want to be left high and dry by signing papers without being aware. Please advise...

 

[mistoffolees]

Do not sign the quit claim deed until closing. Tell him (and the bank) that you will agree to sign a quit claim deed when you receive your share of the home equity, but not before closing (at the same time as the mortgage is paid off, clearing you of any liability).

 

[HappyWanderer]

A quit claim is giving up all your rights in the property. You might get a note for the equity with a term of 10 years and balloon payment, but you can't really have a claim against the house after signing--by definition.

I'd wait and have your attorney handle things through the court. If you do things before a court order, you could have a problem.