Q: My husband and I bought a house together, I want a divorce but I don't want to sign a quitclaim deed.
I know quitclaim deeds sign over your interest to the other party, but you remain financially liable on the mortgage. I'm willing to let him keep the house but I want to be financially savvy about it. What are my options?
A: You need to deal with this in the divorce. As you state, you will still be liable on the mortgage. You should require him to refinance the house. If this is not possible, require it be sold. You should retain an attorney to represent you in the divorce.
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A: You really need to consult with an attorney, as way more information is needed. Is there equity? Can he pull it out? Can he refinance to get you off the loan within a reasonable time frame? In addition to those questions you would need to make sure your separation agreement (in a divorce) has detail as to what happens if he doesn't follow through and other items designed to protect you. Any transaction tied into the house should be part of a divorce case and agreements should be made court orders so that they are enforceable.
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