One of the most contentious pieces of assets that are up for division during a divorce is the family home. Once the divorce has been finalized, the property is transferred to the new owner.
After divorce, the owner of the house transfers his interest in the house to the other person or the recipient of that interest. The person who’s transferring the property is called the granter, while the person who receives the property is called a grantee. This transfer of property is accomplished using a “quit claim” deed. In a quit claim deed, the grantor or the former owner of the property, gives up any claim to the property, and all the rights to the property are transferred to the grantee, or the person who receives the property. Basically, the husband who owned the house earlier agrees to give up all the rights to the property, and transfer ownership to the grantee or the recipient.
These rights include ownership of the privately, rights in the property, and claims to the property. There is usually an exchange of monetary value during this agreement. The wife, who is the recipient of the property will give some item of monetary value to the person, who is giving up the rights to the property. This item of monetary value could be money, or any other asset.
In any divorce, in which the wife receives the marital home, the wife becomes the grantee or the recipient of the property, and the husband will transfer his ownership to the property to his wife. This is usually done in a very expensive manner and is quite easy to accomplish. A quit claim deed is very often used in divorce cases, to transfer ownership of marital property. These are not tools used for the sale or purchase of real estate or property, between a buyer and seller. These documents are exclusively used when property has to be transferred between members of the same family, or during a divorce. Speak to a lawyer to ensure that the process of transfer of your marital property or marital home is smooth and seamless.