Posted on: 17th Apr, 2007 02:12 pm
I am prepared to quit claim our house over to my spouse as we move through the divorce process. Is there any way to recoup the $20,000 I invested in the down payment?
Dolfie
Dolfie
Hi Dolfie,
You can ask your spouse to return the money as you will be giving up your interest in the house. And divorce court also can be requested to decide upon distribution of that amount back to you.
Divorce decree will also state what share you will get out of the total property that both of you hold, how much share each one will get out of it.
You can ask your spouse to return the money as you will be giving up your interest in the house. And divorce court also can be requested to decide upon distribution of that amount back to you.
Divorce decree will also state what share you will get out of the total property that both of you hold, how much share each one will get out of it.
-- Is there any way to recoup the $20,000 I invested in the down payment? --
You should not just quit claim the house back to your spouse just for nothing. You are entitled to get a share out the equity house has. And as a return for your interest in the house you can ask for that down payment amount you had invested.
You should not just quit claim the house back to your spouse just for nothing. You are entitled to get a share out the equity house has. And as a return for your interest in the house you can ask for that down payment amount you had invested.
Hi Dolfie,
Welcome to Mortgagefit forum.
Are you on the mortgage? And if yes do both of you have decided who will continue the mortgage?
If you are quit claiming the house over to your spouse then mortgage should be taken over by your spouse only.
You should ask your spouse to have the mortgage refinanced in his own name.
Colin
Welcome to Mortgagefit forum.
Are you on the mortgage? And if yes do both of you have decided who will continue the mortgage?
If you are quit claiming the house over to your spouse then mortgage should be taken over by your spouse only.
You should ask your spouse to have the mortgage refinanced in his own name.
Colin
The $20,000 you put as down payment can be recovered by you depending on the present equity in the house. If you find considerable equity did build up in these years after the mortgage was taken then you will be in better position to demand a share out of that equity. But it also depends who will continue the mortgage after the divorce, if your spouse would then he may not agree to. In that situation you can ask the divorce court to decide how much reasonable share you should get if you are quit claim the house to your spouse.
Thanks, Hagler
Thanks, Hagler
Hi Dolfie,
In general, a quitclaim does not provide any such means by which you can recoup the down payment from your spouse. But if there is mutual understanding between the two of you, then you can ask your spouse to give back the amount of down payment while you quitclaim the property. Alternatively, you can claim the money if you involve the court in the divorce process.
Good luck :)
In general, a quitclaim does not provide any such means by which you can recoup the down payment from your spouse. But if there is mutual understanding between the two of you, then you can ask your spouse to give back the amount of down payment while you quitclaim the property. Alternatively, you can claim the money if you involve the court in the divorce process.
Good luck :)