By Robin Roshkind, Esquire, West Palm Beach, Florida
In divorce settlement cases, we often use a legal instrument called a quit claim deed to convey real estate between married couples getting a divorce. The facts are as follows: Either the husband or the wife decides/agrees to convey his/her interest in the marital home (or any other real estate) to the other party.
For example, let’s just say the husband is going to take a job offer out of state. He is willing to convey his interest in the marital home , while concurrently, the wife will refinance the mortgage to remove his name from the liability and provide him with a buy out check for his half of the market value of the home. In this example, the quit claim deed awards the wife the home in its entirety while the concurrent refinancing removes the husband from the debt service and provides cash for his share.
In cases where refinancing is not possible, due to no equity in the home or the wife in this example does not otherwise qualify, then the lawyers will hold the quit claim deed in escrow until such time as there is a refinance. Quit claim deeds are instruments of conveyance of real estate, and should be recorded in the property records department in the jurisdiction where the property is located. For more information about this or other divorce topics, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at http://www.familylawwpb.com.