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!!
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!!