We live in a State where couples deciding to get a divorce, can often do it quickly. In cases where there is agreement and no children, divorce need not be drawn out as in some other States. This is the good news! There is, however, something to keep in mind if there is property ownership that many people are not aware of.
Here is Our Scenario:
Sally and Joe are married for the past 5 years. They have no children and they own a home in Southern Nevada. They have amicably decided that they no longer want to be married to each other. They believe that splitting everything 50/50 is the way to go and they want to get the divorce done quickly with minimal cost. They agree to use one attorney to handle the divorce.
What about the house they own together? They are both on the loan and on the title. They agree that Joe is going to stay in the house and Sally is going back to Colorado where she has a new job opportunity. Sally signed the Quit Claim Deed and transferred all of her interest in the property to Joe.
Let’s jump ahead one year. Sally is having a great time in Colorado and Joe is doing great in Southern Nevada. He has a new girlfriend and has decided to sell the property and buy a new one for himself and his girlfriend. Joe discovers that Sally is not completely out of the picture; Sally needs to sign additional documents in order for him to sell the property. He now has to contact Sally and ask her to get this done for him as quickly as possible because the contract with the buyer is about to expire.
Sally is very busy, however, she agrees to help Joe so he can get this done. She is surprised to find out that she must sign additional documents when she believed the Quit Claim Deed was sufficient to remove her from the property. She needs to sign an affidavit and answer questions regarding her equity interest in the property. Joe’s Escrow Officer would order the affidavit and make arrangements for Sally to sign.
This has become a hassle for Joe and Sally and maybe even Joe’s new girlfriend who isn’t thrilled with Sally being involved in their lives. How do you avoid this? After the Deed has been recorded where Sally has transferred interest to Joe, Sally would sign a special affidavit which Joe must hang on to and make available when he decides to sell.
Moral of the Story – get things done in their appropriate time so that you do not have to deal with an ex-spouse later.
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.