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My wife and I recently divorced (May, 2008). I refinanced our house that we bought when we were married, and I refinanced it in just my name just prior to divorce becoming final. Now, I think I need to have my wife sign a Quit Claim Deed to remove her name off the house. I understand that I have 1 year from the date my marriage ends to treat this as incident to the divorce per the IRS publication 504, to avoid any recognized gains/losses. This should also enable my wife to secure a loan on her own house. Do I understand this correctly and am I missing something?

clubvikram · Joined: 20 Aug 2008 Posts: 1 1.44 Dollars($)

Yes your understanding is correct. i am attaching a format of the same kindly download. Quitclaim deeds is used when someone "quit" any interest in real property. The grantor may not be in title at all, so the grantee cannot assume that the grantor has any real interest to convey. However, if the grantor were, say, married to the owner of the property, signing and recording a quitclaim deed in favor of the spouse would transfer any interest the grantor may have in the property to the spouse.
Vik
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debt and financial freedom

Guest

Thank you this helps. I had the title company type up the quit claim and they said that since my ex-wife's name is not on the loan, I do not need to notify the financial institution of teh Quit Claim - just record it at the county courthouse. It was interesting that they included both of us as grantors and just me as grantee when they typed up the Quit Claim Deed.

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

Hi Beaker.

Welcome back. as you ex-wife is not on the loan after you refinanced it, your ex need not to inform the financial institution that she is quitclaim the property to you. I think every thing is ok. You should just need to notarized and record the deed to make it valid. Feel free to ask if you have any further questions.

Best of luck,
Larry

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