Transferring Home Ownership after a Divorce: What You Need to Know
Going through a divorce often means taking a lot of time to divvy up your assets with your spouse (or soon-to-be-ex spouse). If you owned a home before the divorce, however, you'll most likely want to come to a decision regarding who will keep the home. Should you decide to transfer ownership of the home to your ex-spouse, then there's a specific set of steps you'll need to follow and some things you'll need to know.
You'll Need to File a Quitclaim Form
The main form that you'll be using to consent to the transfer of ownership is known as a quitclaim form, which you can obtain from your local municipality offices or even online, depending on where you live. This form will essentially serve as your consent to transfer ownership of the house to your ex-spouse's name. Along with the filled out quitclaim, you'll also need to submit what's known as a "legal description" of your home, which essentially explains the location of your home and its property boundaries. Your divorce lawyer should be able to help you fill out this part.
The House Should Be Appraised
Because you'll need to know the current value of the home in order for your spouse to pay you for your share of the home's equity, you'll also need to order an appraisal as part of the process. You can choose to pay for the appraisal yourself or agree with your ex-spouse to split the costs. Either way, be sure to keep all appraisal paperwork so that you and your lawyer can determine how much (if any) financial compensation you're entitled to as part of the agreement.
Your Ex-Spouse Needs to Submit Paperwork
Finally, you're not the only one who will need to fill out and submit paperwork regarding the change of ownership to your home. Specifically, your ex-spouse will need to fill out a preliminary change of ownership form, which may or may not need to be notarized depending on where you live. Once all the paperwork is in and an agreed-upon amount of repayment is decided upon (either in court or independently), the deed of your home can officially be transferred to your ex-spouse and you will be absolved of all responsibilities and rights regarding the house and its property. From there, you can continue with your divorce proceedings and focus on getting on with your life in the process. For assistance, talk to a professional like Warfield Darrah & Erdmann.
