Legal Question in Real Estate Law in Wisconsin
division of property
I have been in a relationship with my partner for almost 15 years. We currently own our second home together and have owned homes with both names for 8+ years. Both names are on the title and mortgage. Our relationship is dissolving and he would like to stay in the home we currently own together, but refuses to take my name off. What legal course can be taken to remove my name from any responsibility to this home? Can a quick claim deed take care of that for me and what costs would be involved?
1 Answer from Attorneys
Re: division of property
Hello,
There is no way the other owner can take you off the deed. Since you are both on the title, only you can do something about your ownership interest. Yes, you can give it to him via quit claim deed. He, however, can disclaim it if he wants to. If he does so, you could perhaps create a corporation and transfer your interest to that entity, and just let it sit there. You probably know that the only way you can get off the mortgage is for a refinancing to occur.
The quit claim deed might cost you 75 dollars or so, but you might also have to pay a small transfer tax. It would be best to consult with a lawyer in your area to see what would work best with your situation. Best wishes, Mark J. Mahoney 920-984-4529
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