Divorce is never easy, whether you’re dealing with the resulting emotions or trying to split the assets you’ve accumulated together. Among those assets is your home.
One of the tools meant to help you transfer marital home interest is called a quitclaim deed. Here’s a brief look at what a quitclaim deed can do for you.
An Overview of Quitclaim Deeds
When considering a quitclaim deed, the most important thing to remember is that the grantor doesn’t make any guarantees or warranties about the property when signing it. Essentially, when a grantor signs the quitclaim deed, he or she transfers whatever interest he or she might have in the property. Unfortunately, this could mean no interest to a perfect title. (A warranty deed helps guarantee a clear title.)
Although each state has its own set of requirements when completing a quitclaim deed, most states require the following:
- Names of the grantor and grantee
- Name of the county the property is located in
- A legal description of the property (in addition to the address)
- Consideration (the purchase price)
- Notary public’s signature
- Grantor’s signature
Remember: Reversing a Quitclaim Deed is Very Difficult
No matter whether you sign a quitclaim deed before, during or after the divorce, its legality doesn’t change. Once the grantor signs and delivers the quitclaim deed, he or she doesn’t own the property. The transfer is final; you can’t reverse it unless the grantee ‘quitclaims’ the property back to the original grantor.