My now ex-husband and I signed a settlement agreement back in December stating that I was waived of all ongoing mortgage payments- as he was the one living in the house- and that when we sold the house in the spring, I was to receive 50% of the proceeds of the sale.
The house is now contingent to sell, and I am in the process of purchasing my own home. My mortgage broker and lender wants me to sign at quitclaim deed to remove me from the deed of the house my ex-husband and I owned jointly, so as to remove it as a liability of mine (and ultimately have my mortgage approved).
Does signing this quitclaim deed void our settlement agreement and my entitlement to the portion of the sale proceeds when our marital home closes?
1 Answer from Attorneys
Bad idea. Once you sign a deed of any kind transferring your interest in the marital home to your ex-husband, it's his, and you won't share in the proceeds of sale. Yes, you're entitled to under the settlement agreement, but it will be difficult to enforce that once the home is no longer titled in your name.
Ask your mortgage broker and lender if your mortgage can't wait until after the sale is completed and you get your share of the proceeds? You should have had legal advice when the Agreement of Sale of the marital home was entered - both you and your ex-husband would have had to sign it - so that the settlement date could be geared to your needs.
Consult your lawyer now before you take any further action.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
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