How to Quitclaim a Jointly Owned Property
Quitclaim deeds are a means by which property ownership rights can be conveyed. However, they are not highly regarded and are rarely used because of their limited effectiveness. If you wish to quitclaim a jointly owned property, consult your College Station real estate attorney.
Quitclaim Deeds and Their Limitations
Quitclaim deeds are not very useful, especially in a community property state like Texas. They convey one person's interest in a property to another individual, but they do not convey the property itself. In other words, only the rights of ownership are conveyed. It is possible, then, that a quitclaim deed can transfer ownership rights that don't exist in the first place.
Quitclaim Deeds and Community Property Laws
As mentioned, Texas is a community property state. This means that all assets acquired during the marriage are owned jointly and equally by both spouses. If a person quitclaims a property, then, he can only do this on half the property. It would necessitate both spouses signing quitclaims on a property to effectively convey ownership rights on a property on someone else.
With community property laws, if one spouse dies intestate, meaning without a will, the spouse will retain his/her 50% share, and the probate court will determine who receives the other 50% interest. This may be children, but it may also be that the spouse inherits the other half of the ownership rights. A quitclaim would be unnecessary in such case, unless the surviving spouse receives 100% of the ownership rights and wishes to do a quitclaim on the property.
Quitclaims and Divorce
One situation in which a quitclaim deed can be useful is when spouses are divorcing. As the divorcing spouses are agreeing upon how to divide assets, they may decide that one spouse will quitclaim his share of the property. In return, the other spouse will make concessions on other assets. In this way the one spouse will have 100% of the ownership rights on the property.
For Assistance with a Quitclaim Deed
A quitclaim may not be the most effective way for you to transfer assets. You should discuss the matter with your College Station real estate attorney. If you decide to quitclaim a property, your attorney may be able to help. Call Peterson Law Group today to arrange a consultation at 979-703-7014 or 936-337-4681.