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starkst · Joined: 20 Nov 2009 Posts: 1 1.35 Dollars($)

My wife and I are separating. She wants to remain in the house. We have a fair amount of equity. We are and want to remain amicable. We are trying not to spend a lot of money on lawyers, both having been through awful divorces in the past.

What is the best way to relinquish my stake in the home and get my half of the equity? We have both done research and she came up with the quitclaim option. I don't like it. I want to do this with as little friction as possible, but I also want and need the equity. She makes enough to afford the mortgage on her own, but only just, and with plowing her equity back into the house.

What's the most sensible approach?

jenkin7 · Posted: Fri Nov 20, 2009 10:58 pm Post subject:

Hi starkst,

If you want to relinquish your property rights, you can do so with a quitclaim deed. You have to sign the deed as grantor and transfer your share of the ownership to your wife. After signing the deed, just have it notarized and recorded with the county recorder's office. It is one of the easiest ways of transferring property.

But to transfer your mortgage obligation, you need to ask your wife to refinance. She earns enough to afford the mortgage. So, I believe she will not have any problem to qualify for the refinance. If there's enough equity in the property, she can do a cash-out refinance. She can then pay off the existing mortgage and use the extra cash to pay you for your share of the equity.

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What is the best way to transfer mortgage to my wife?