Signing a QCD, once it is registered, will eliminate your ownership of the home. However, it will not excuse from responsibility on the mortgage. Even though the home is marital property per se because you bought it during the marriage, if you quit claim your interest to your wife, you eliminate you interest in the home in case of a divorce. Your grant of the home to her should be balanced on the division of other marital assets, that is, you should get a proportionally larger portion of assets of value acquired during the marriage. But you lose all rights to the home. She cannot evict you from the home since it is your residence that you share. However, once divorce is filed, she can ask the judge to order you to leave since you no longer have an interest in the home, even if the children remain with you. As a stay at home non-wage earner, you are more financially fragile than the wage earning spouse.
Answered on Feb 17th, 2013 at 11:17 PM