In divorces, many assets may need to be divided. Time with children, property, and
real estate are only a few of the many assets that couples need to learn to share or split when dealing with the
divorce process. In some cases, a couple may decide on a real estate
settlement where one spouse gets the house. If this is the case, then that person will need to obtain sole ownership of the property. Without making this move, the home title will remain in joint tenacity. This means that the spouse who has left the home will automatically inherit the property on the death of the ex-spouse who remains there and vice versa.
While some people may want this arrangement, others want to cut all ties with their previous partner. The way to do this is with a proper real property transfer. In this exchange, the husband or wife who does not own the property anymore per the agreement will need to sign a deed conveying that he or she will give his or her interest to the new owner of the real property. This document must be binding, and officially state that the home is no longer his or her property. When a spouse is reticent to complete this transaction, there are times that the courts may sign for him or her upon a motion (request) made to the court. Once the proper transfer is complete, the husband or wife that doesn’t own the property anymore will no longer be able to claim any ownership of the home. The estate will be the sole property of the other spouse, and can be distributed how that person desires at the time of their death.
The document that is used in these exchanges is often given a variety of names. Some call it a quit claim deed, while other attorneys will refer to it as an interspousal transfer deed or a grant deed. Regardless of what you call it, it is the most important step in getting the home you love all to yourself, per the agreement. The deed will not activate until after the mortgage on the home has been refinanced and all the necessary parties have been alerted of the transfer. If you want more information about these transfers in California, then talk to a Los Angeles family attorney at Claery & Green. We can stand by your side in a separation, dealing with your case from the free consultation to the final hearing.