When you are getting divorced in Washington and need to transfer property to your spouse, we want to help you find the easiest and quickest way to do so that also has the fewest repercussions. Often times, a quitclaim deed is the answer. A quitclaim deed is a fast and simple way to transfer property. However, be aware that there are some risks to doing so.
What are Quitclaim Deeds?
Quitclaim deeds are similar to traditional deeds in that they transfer property from one party to another. However, the biggest difference between a deed and quitclaim deed is that the latter transfers the property without promises that the property is free from liens or other financial obligations, such as a mortgage.
What are the Risks of a Quitclaim Deed?
While quitclaim deeds are a very easy way to transfer property, they do carry some risks. As stated above, they do not ensure that a property is free from other financial obligations. Signing a quitclaim deed to free yourself from the property will not free you of financial obligations associated with the property.
In other words, while you may no longer own the property, you will still be obligated to pay your mortgage if you have one – if your spouse refinances the house in both of your names before you sign a quitclaim deed, there is a good chance you will be responsible for any debts.
Note: Being financially obligated to a property without having any real ownership over the property may not be within your best interest.
Divorce and Quitclaim Deeds
Even if you change a title, a divorce court may still consider the property community property, and it may be subject to division as such. Even if you have a divorce decree ordering your spouse to sign a quitclaim deed, enforcing it can be difficult. However, you may petition the court to appoint an officer known as a “special master” who can sign a quitclaim deed in place of your spouse.
Learn More About Property & Divorce Today
Our asset division attorneys at the Law Offices of Molly B. Kenny can help you when you have questions about dividing your property in divorce, how a quitclaim deed may affect your divorce, and other common issues that arise during a separation.
If you have questions, please schedule a consultation to meet with me, Molly B. Kenny, and discuss your divorce in person today. Contact me at 425-460-0550 whenever you are ready to talk.