QUESTION
Does quit claim deed negate divorce agreement?
Asked on May 23rd, 2014 on Divorce - Colorado
More details to this question:
I was divorced in Novermber of 2010 and the seperation agreement states my Ex and I will sell the property and split profits. At that time the market was not favorable and did not have the money to come to closing to meet the mortgage. We agreed to rent it out and I completed a modification to catch up on payments. We completed a quit claim to remove her name from title in order to complete the modification in my name only (her name remains on mortgage). Now she is attempting to take me to court to pay her out and sell the house. What legal recourse do I have? Does the quit claim negate her interest in the property? Is she entitled to any equity now? Any help is greatly appreciated. Thank you.
1 ANSWER
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Mitch Tacy Family Law Attorney & Mediator
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Dear Sir, In 2010, if you would have had to bring money to the closing, it sounds like there was no ?profit? in the property. If your agreement was to sell and split the profits - and there were no profits to be had - you should be prepared to demonstrate those circumstances. Your biggest issue is probably going to be that 4 years after the divorce, your Ex's name is still on the original mortgage loan. It is very likely that a Judge will not simply allow her credit to be utilized (and essentially tied up) without any corresponding benefit to her. As to the quit claim, you indicated that this was necessary to facilitate the modification and that the two of you had an agreement. I think that you've answered your own question. Something needs to be done? I would recommend that you identify some solutions that are fair to the both of you, and which honor the agreements that you referenced. Good luck.
Answered on May 27th, 2014 at 6:33 PM