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What do you know about transferring home ownership for divorce?

Not only do you want to divorce your current spouse, but you also want to give up the marital house. How do you do so the right way?

SFGate gives the rundown on shifting ownership of the marital home for divorce. Learn how to make sure you no longer have legal responsibility for the mortgage.

Quitclaim deed

With a quitclaim deed, you sign over your rights to the marital home. The document lets the county clerk know about a title change and that a titleholder gives up her or his property rights. You change nothing about the loan by signing a quitclaim deed, only ownership.

Divorce negotiations

While drafting your divorce settlement, think about how you want to handle the marital home. For instance, you may want to require that your former spouse buy you out of your half of the home’s equity. If your ex cannot qualify for the mortgage or refinancing alone, she or he may not mind putting the property on the market and dividing the proceeds. If your spouse does not want to sell the home, you may need to return to the negotiating table.

Loan qualifications

To help yourself and your ex, you may not mind researching how to qualify for a loan. For instance, your current spouse must not only think about her or his income, but also any child support or alimony you must pay. Lenders consider both as sources of income.

Not everyone wants to fight for the marital home in a divorce. If you no longer want your name attached to the home, you deserve to know all your options for shifting ownership.

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