Buying her half....Part II


#1

My case again is where both of our names are on the deed but the mortgage is in my name only. I read your reply to my first post and understand about paying her half of the equity amount but I have another question. To have the deed in my name only, would I have to go thru the loan application process, including appraisals and inspections and actually buy the house again or are cases like this handled differently? Is there a process where upon agreement, her name can just be removed?

Thanks again


#2

Yes…it’s called a Quit Claim. It takes your STBX’s name off the deed and transfers her property claim to you. BUT it does not take away her interest in 1/2 equity value for ED purposes.


#3

You can remove your wife’s name with a varying number of deeds without having to refinance the property again. Unless specified in the deed or in an agreement, the mere transfer of property from her to you will not extinguish her rights to equitable distribution and her portion of the equity.