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hagronow · Joined: 28 Aug 2008 Posts: 1 1.38 Dollars($)

I signed a "Personal Guarantee" as part of a Lease Agreement along with my business partner for our restaurant. I turned over the restaurant to my partner, and now it is his. However, the lease agreement is still in place with both of our names on it. Now, the rent is behind, which is his responsibility, but we are both liable. I am recently divorced, and don't want my ex-spouse and children to lose their home. Both my ex-wife and I are still on the mortgage. If I quit-claim my interest in the house to my ex-wife, would it prevent the Leasing Company from coming after my home to get their lease monies (which is up to $27,500 for the last few months) since I no longer would have interest in the house?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi hagronow.

Welcome to the forum. You can quitclaim your property to your ex-wife but as both of you are on the mortgage, your wife should refinance the mortgage on her name only. So can she refinance the mortgage on her name?

Best of luck,
Larry

jheard · Posted: Fri Aug 29, 2008 11:21 am Post subject:

If you transfer the property in order to avoid liability, the transfer may be fraudulent.

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If I quit-claim my interest in our home to my spouse, prior