Property transfer due to divorce

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pap mom

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Post Posted: Sat Jan 05, 2008 10:18 pm    Post subject: Property transfer due to divorce
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Our house is in both my husband and my name. We are going through a divorce and I would like to keep the property. What is the best way to transfer the property to my sole possession? Will the transfer affect my property taxes through a new appraisal? I live in Florida.
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Icon Mini Profile jenkin7
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Post Posted: Sun Jan 06, 2008 11:41 pm    Post subject:
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Hello Pap mom,

Florida is an equitable distribution state which means any marital property will mostly undergo an equal distribution. If your husband is willing to transfer his portion of the property to you then this will be considered as a matrimonial settlement. If your settlement is reasonable, the court will approve that and incorporate it into the final dissolution of marriage.

If your husband is not willing to do so then the court will decide how to divide the property.

You may use an interspousal deed for transferring the ownership rights in your name.

As far as I know, there is no change in ownership if property is transferred between husband and wife due to a dissolution of marriage. So there won't be a property tax reassessment.

But do you have a mortgage on your property?
pap mom

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Post Posted: Mon Jan 07, 2008 9:24 am    Post subject: property transfer due to divorce
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Yes, I still have a mortgage on our property. The house and the mortgage is in both our names. The property is held as joint tenants with right of survivorship.

Is it better to use an interspousal deed or a quit claim deed? And if the deed is filed, do I need to contact the mortgage company? Also, is it better to refinance or request a novation on the mortgage? I would rather not refinance to avoid closing costs and other extra expenses.

Thank you for your help
Icon Mini Profile larry





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Post Posted: Mon Jan 07, 2008 12:47 pm    Post subject:
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Hi Pap mom,

Welcome back.

You van use an interspousal deed but you should contact the lender regarding the property transfer. If they don't all you can't transfer the property. The lenders don’t always agree for novation.

By the way, is your husband willing to transfer the property to you?

Best of luck,
Larry
pap mom

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Post Posted: Mon Jan 07, 2008 2:39 pm    Post subject: property transfer due to divorce
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We are still in discussion over this. I would like to keep the house, and pay him his equity. The other option is to sell the house and split the proceeds 50/50 which I would like to avoid.

Should I still submit a quit claim or interspousal deed if we agree for me to keep the house and keep paying the mortgage on it and to split the sale of the house in the future with my soon-to-be ex? Would the lender still need to be notified?
Icon Mini Profile larry





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Post Posted: Mon Jan 07, 2008 2:52 pm    Post subject:
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Hi Pap mom,

If your husband quitclaims or use an interspousal deed, you should inform the lender. Even you sell the house, you should inform the lender that you are selling the house and will him off.

The fact is you can't "submit a quit claim or interspousal deed" on your own. For that your husband has to sign as a grantor.

Best of luck,
Larry
pap mom

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Post Posted: Tue Jan 08, 2008 1:21 pm    Post subject: property transfer due to divorce
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Which is the better way to transfer ownership in divorce cases? Quit Claim or Interspousal deed?
Icon Mini Profile Niicss
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Post Posted: Wed Jan 09, 2008 2:06 am    Post subject:
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Interspousal deed is usually used when you want to transfer interest in the property as well as want to convert a community property in to a separate property.

In your case, you may simply use a quit claim deed to remove your husband's name from the title of the property but remember to inform the lender before you do that.

You should first consult the lender as the mortgage is in both the names. You may take up the mortgage in your name only if you qualify for a refinance.

Lenders generally don't agree to a novation until and unless you have a great credit and a proper source of income. But still you may talk to your lender about a novation and check out if you can qualify for that.

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Icon Mini Profile lisascherzer



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Post Posted: Sun Jan 20, 2008 4:38 pm    Post subject:
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The best way to do this is for you to refinance the mortgage into your name and your ex will sign a quit claim deed to remove his name from title at closing. If you have agreed to do this now then I would take advantage of low interest rates right now. If you and your husband can't agree on it then the courts will determine who gets the house and how much equity is to be paid to the other person that quit claims. It is pretty standard that however gets the home will have to refinance within a certain amount of time to remove the other person from the mortgage and in many cases to buy out the other persons share of the equity.
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tn

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Post Posted: Wed Apr 28, 2010 11:54 am    Post subject: transfer of mortgage
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i am geeting divorced and i want to give my husband the properties, in the settlement when i give him the house, how do i get the mortgage in his name?
Icon Mini Profile smithsussane
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Post Posted: Wed Apr 28, 2010 10:40 pm    Post subject:
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Hi tn!

Welcome to forums!

A query similar to yours has been replied to in the given page:
http://www.mortgagefit.com/loantalk/spouse-transfermtg.html

Take a look at it. Hope it helps you.

Sussane
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