lostinLA said:
I am currently separated in california. We own a house in both our names that we recently purchased and where I am still living. Is the home still considered "community property" if my wife signs a quit-claim deed such that the house goes into my name alone? Or will the home then become my "separate" property if we do get a divorce?
My response:
Once your wife signs a quit claim deed, the house and property it sits on, will belong to you - - only.
Divorce, by itself, does not make any property "separate property". In the property settlement portion of your litigation, one of you will sign a quit claim deed - - and that's the instrument that makes property separate from the other party.
Just be aware : the quit claim deed does absolutely NOTHING with regard to the mortgage contract. Even though one of you signs a quit claim deed in favor of the other, doesn't mean that the mortgagor won't still look to both parties in the event of a default.
You'll need to refinance the house, or sell it.
IAAL
