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quit deed as a result of a property settlement

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starting again Guest	Posted: Fri Aug 19, 2011 11:52 am    Post subject: quit deed as a result of a property settlement Like 0 Dislike 0 I am recently divorced and as part of the property settlement, I am supposed to be awarded half of the value of the marital home from my ex. He is to get a quit deed and have me sign it and present me with the cashiers check for the amount. The property is free and clear. Is this how it usually works with a quit deed? If so, will there be any tax implications involved on my part as I will receive an amount for the property signed over? Thank you for your time and attention in this matter. Sincerely, Sue _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Sun Aug 21, 2011 11:56 pm    Post subject: Like 0 Dislike 0 Hi Guest, The overall process to get your share of the money is correct. You may have to pay taxes as the money you receive as a part of the property settlement will be considered as your income. Nevertheless, you should contact a tax adviser and take his opinion regarding the taxes. _________________ Procrastination is the enemy of your financial success

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