Here is a scenario we have seen repeatedly with clients.
A client purchases a home while they are going through a divorce. In their mind, they are already “divorced.” It turns out, many clients are not yet divorced and the new property is purchased while they are still married. Even in Nevada, where divorce can be done very quickly, there is still a judicial process to have it finalized.
Now we have to get the ex-spouse involved to clear up any potential title issues. While in most cases, the ex-spouse will be willing to sign off, they may have the right to claim an ownership interest in the new property. Furthermore, the ex-spouse may have moved out of state and not be easily reachable. It’s one thing if the attorney was notified about the new property and added to the divorce settlement that the soon to be ex-spouse relinquishes all interest. On the other hand, if the attorney is not notified, this can potentially create what is known as a “cloud on title.”
Bottom Line – this can create a mess that we see quite often. This can put the loan and the title policy at risk. It also means that you have to deal with the ex-spouse. Let’s avoid this whole potential nightmare:
- Tell your divorce attorney that you are buying a property
- Tell your realtor, lender and title company that you are going through a divorce
- It is best if you can wait until your divorce is finalized
If you find yourself in a predicament whereby you own real estate, whether it was purchased before or during the marriage, and you are not 100% sure that your ex-spouse has no claim of ownership, you can contact us or your title company to research the title.
We understand that getting a divorce can take a tremendous amount of energy, mentally, emotionally, and financially. Even amicable divorces take their toll. We work with many clients who are so anxious to get the divorce to the finish line, they neglect important details along the way. These details can come back to haunt you later on.
We take a concierge approach to listen, research, explain and help our clients avoid a potential nightmare down the road. We work with family law/divorce attorneys, title companies and realtors to provide a holistic approach for our clients. It’s the reason our motto is, “We Do Good Deeds.” 702.233.4014
Quick Claim USA and their employees are not attorneys in the State of Nevada or in any other State or Jurisdiction. Quick Claim USA is not licensed to give legal advice and may not accept fees for giving legal advice. Should you have questions regarding any of the above items, you must seek the advice of independent legal/tax counsel of your choosing.
