Why do People Need a Deed in a Divorce
Why do people usually need a quit claim deed in their uncontested divorce with marital property? Uncontested divorces in Montgomery County occur when both parties are able to agree on each term of their settlement agreement. Terms of a divorce tend to include things like alimony (spousal support), child support, and property division. Any property that was obtained by one of the parties before they entered into the marriage is known as separate property. Meanwhile, any property, real or personal, that the couple obtained during the marriage is known as marital property. This could include things like cash, savings accounts, investments, automobiles, houses, and land.
Each state gets to determine whether marital property will be divided equally or equitably between the two parties. Community property states, as they are called, distribute property equally, so even if one party brought separate property into the marriage, their spouse is now entitled to 50% of it. Alabama is an equitable distribution state. This means a party’s separate property is separate, and marital property is divided equitably rather than equally between the two parties. In equitable distribution states, the parties will have to go to the Circuit Court and let the judge decide if they cannot come to an agreement themselves. The Circuit Court judge will divide the property fairly within reason. It is possible that it may be equally divided, but equal division is not at all promised.
A quit claim deed is a document that transfers property from one party to another party. Quit claim deeds are commonly needed in uncontested divorces because property division is such a large part of each divorce. This type of deed allows the parties to simply remove one of them as an owner on the property deed, which means one of the parties will become the sole owner of their property that was previously owned by both of the parties. This means that the other party has officially given up all of their rights to that property. However, quit claim deeds do not provide a warranty of title, so it is not guaranteed that the title is clear or that no one else has any rights to that property.
Quit claim deeds make the process of transferring and distributing property much easier and quicker for a couple getting a divorce. In uncontested divorces in Madison County, they are simple since the two parties have already reached an agreement on all of their settlement terms, which includes the distribution of their marital property. With quit claim deeds, the parties are not required to go before a judge. Because a judge’s signature is not required in order for a quit claim deed to be valid and enforceable, the parties are able to save themselves both time and money. Once the quit claim deed has been executed, or signed by both parties, it will need to be filed in the local Probate Courts, and there may be some filing fees that will have to be paid. When all of this has been completed, the property will officially be owned by only one of the parties.
Attorney Steven A. Harris regularly blogs in the areas of family law, bankruptcy, and real estate closings on this website. He is always available in any of the firm’s offices or by phone anytime for a consultation. Mr. Harris tries to provide informative information to the public in easily digestible formats. Hopefully you enjoyed this article and feel free to supply any feedback. We appreciate our readers and love to hear from you!
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