Quit Claim Deed After Divorce

[swoosh60]

What is the name of your state? WI

My fiancee's divorce was final a year ago and his divorce decree states that he will pay out his ex-wife in 3 installments over the next 5 years for her 1/2 of the equity in their house. He owns the home and will continue to live in the home for the foreseeable future. He has already made the first of the 3 installment payments to her.

When I was divorced 12 years ago, my divorce decree specifically stated that I had to sign a quit claim deed to my ex-husband as he was retaining the house and buying out my 1/2 of the equity. At that time, he also made installment payments to me (over a shorter time as I recall, only 1 year). But I was required to sign that quit claim deed within 30 days of our divorce being final.

Now I'm not sure exactly what my fiancee's decree states about the quit claim deed (or if it says anything at all), I would have to have him pull a copy of it, but we're wondering if his ex-wife should be required to sign this NOW. Basically we're concerned that if something happens to my fiancee' ... his kids (who he is intending the house to go to prior to us getting married) would not get the house, that his ex-wife would get it if her name is still on the title.

Could someone please let me know if that's what would happen, or, is she not obligated to do a quit claim until the entire balance of her equity is paid to her (in five years). If that's the case, what would happen if something happened during this 5 year time frame?

P.S. They shared a joint attorney for their divorce, and when my fiancee' asked him to draw up a quit claim deed recently, his ex-wife said she doesn't want to sign it because she thinks my fiancee' is "trying to pull a fast one" on her.

Thanks much for your advice!!

 

[Ozark_Sophist]

Finance the home to get the cash out to settle the divorce requirement now. What if something happens to your husband after the ex signs a quit claim deed?

 

[mjcrules]

The deed is still probably the same as when first loan was secured as joint tenants in entirety. The mortgage deed is indicative of ownership not; NOT having your name on a mortgage or note. You could put your name on my mortgage and note, but all you will get is a thank you from me, NO direct or indirect ownership conveyance. The ex who's name is still on the deed despite having her equity purchased can request 50% of future property sales receipts, can delay the future sale if she doesn't think it is listed at a fair price, etc. Tell him to either file a motion to amend the decree (assuming the property settlement was incorporated into the final judgment if not heard by the Court) OR the easiest and quickest is for her to execute a quit claim deed conveying all rights of ownership. It takes an amicable ex for this to occur, however, so butter her up for an hour or so before making the request! :wink: It took me almost a month of gut wrenching AK'ing before I thought my Ex would agree....and another 2 weeks after that to secure the qcd. The numnut atty for the "buyer" of the equity should have made sure this occurred and was well stated in the agreement, but ************** GL

 

[LdiJ]

What is the name of your state? WI

My fiancee's divorce was final a year ago and his divorce decree states that he will pay out his ex-wife in 3 installments over the next 5 years for her 1/2 of the equity in their house. He owns the home and will continue to live in the home for the foreseeable future. He has already made the first of the 3 installment payments to her.

When I was divorced 12 years ago, my divorce decree specifically stated that I had to sign a quit claim deed to my ex-husband as he was retaining the house and buying out my 1/2 of the equity. At that time, he also made installment payments to me (over a shorter time as I recall, only 1 year). But I was required to sign that quit claim deed within 30 days of our divorce being final.

Now I'm not sure exactly what my fiancee's decree states about the quit claim deed (or if it says anything at all), I would have to have him pull a copy of it, but we're wondering if his ex-wife should be required to sign this NOW. Basically we're concerned that if something happens to my fiancee' ... his kids (who he is intending the house to go to prior to us getting married) would not get the house, that his ex-wife would get it if her name is still on the title.

Could someone please let me know if that's what would happen, or, is she not obligated to do a quit claim until the entire balance of her equity is paid to her (in five years). If that's the case, what would happen if something happened during this 5 year time frame?

P.S. They shared a joint attorney for their divorce, and when my fiancee' asked him to draw up a quit claim deed recently, his ex-wife said she doesn't want to sign it because she thinks my fiancee' is "trying to pull a fast one" on her.

Thanks much for your advice!!

I would never advise someone to sign a quit claim deed prior to receiving their full share of the equity in the home. If you agreed to do that you had bad advice.

He should refinance (if he can) and pay her off now.