quit claims

Guest 0.10 Dollars($)

my wife and I have recently purchased a second home - in Florida. Upon returning to our home state she decided that she wants a divorce. So, can either one of us use a quit claim to turn the property over to the other. And what are the financial / tax obligation for the person signing the property to the other.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi wmnatgrd.

Welcome to the forum.

Are you both on the mortgage? If you quitclaim the property then your wife need to refinance the mortgage on her name only and if your wife quitclaims then you will have to refinance the mortgage on your name only. After quitclaiming the grantor will not have any tax responsibility.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

Welcome wmnatgrd.

You can quitclaim to your spouse but the other one should refinance the mortgage then. So can she refinance the mortgage? If not then you will still be responsible for the mortgage and if your wife defaults on the mortgage payments in future then your credit will also be affected.

Let me know if you have any further queries.

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