I signed a quit claim deed a few months ago… I felt we were upside down in our home and feared (after several threats from my husband) that he would stop paying the mortgage. The mortgage was in his name, but the deed was in both names. Now that I have signed the quit claim and it was notorized, does this mean that I have lost my interest in eqitable distabution of the home. He is now living in it with his gf. Does he have to buy me out? is the title in both our names still? He will file for divorce on August first. What are my rights?
A quitclaim deed had the effect of changing title to the home only, and was not a distribution of marital property as outlined in the statutes. The home is still subject to distribution.
What type of distribution is appropriate. It states in our seperation agreement that the house is supposed to be sold, but he chose to live in it. He says now that I signed the paper, i have no rights??? can I hold him to selling the home, if not how do we distribute the property.
If he decides to stay in the house, then he would owe you 1/2 the equity built in the house from the day of the marriage…in a sense ‘buying you out’.
You really need to get a lawyer…all this needs to be done BEFORE he files for divorce. If he doesn’t sell the house, he is in breech of contract. If he agrees to pay you 1/2 the equity, then you can ‘overlook’ his breech. BUT it doesn’t seem like he’s going to be easy to work with.
You are entitled to half the equity in the home if your ex stays, or half of the proceeds if the home is sold. If your separation agreement states the home shall be sold and he refuses, you will need to file a breach of contract action to enforce the agrement.
what if there is no equity in the current market? And how do I get out of all responsibility of oweing negative equity if he goes to sell 3 yrs from now? There is home equity loan on the house in my name, what does that mean for me… he is filing for divorce today…
Then you need to find a lawyer fast. Your earlier post said he could file August 1st.
Sounds like there are more financial issues here that need to be hammered out. You’re both entitiled to 1/2 the assets and 1/2 the any and all marital debt (including 1st mortgages, 2nd mortages, car loans, credit card debt, savings account, checking account, 401K, student loans, personal property)
If there is no equity in the home, the value is zero, you should sign the home over to him to avoid paying out a loss in later years. With respect to the equity line, your husband will have to refinance all loans on the home into his sole and separate name if he plans to keep the house.
If your husband is filing for divorce today and equitable distribution is not complete YOU MUST file a counterclaim for the same. I strongly suggest that you contact an attorney to discuss you case in the immediate future.
Loan is not in my name, now title is not, do I need to do more???
what do you mean file a counterclaim for the same? can you divorce if equitable distribution is not complete
Sure you can divorce. But if you’re wanting him to pay such and such bill and you pay such and such bill…AND you get this asset and he get that asset…and you don’t spell that out in a claim…then you lose all rights to that after divorce is done.
Do you have marital debt?
Do you have marital assets?
Have you agreed who will be responsible for what debts?
Have you agreed who will get what assets?
Is the agreement verbal or on paper, signed and notarized??
Do you CARE who gets what or who pays for what?
WHY would he want to refinance a debt into his name (ie: the equity line)? Maybe he does. If it’s in your name…your liable for it unless he refinances the house (and all connecting loans) into his name. A signed agreement/ED would assure that this is done. Don’t rely on his word or shake of the hand.
You may divorce before Equitable Distribution is complete, however you will lose your rights to have the courts divide your martial property once the divorce is granted. If you do not want the home and your name is not on the loan, the property will become your husband’s upon divorce, there is nothing further you need to do.