Quit Claim Deeds And Divorce In Illinois

When two people are married and buy real estate, there are incredible incentives to hold the property jointly. Jointly held property has the right of survivorship. If one spouse dies, the entire property passes to the other spouse without the hassle of probate court. “[A]n intrinsic feature of joint tenancy is the right of survivorship, which entitles the last surviving tenant to take the entire estate” Sathoff v. Sutterer, 869 NE 2d 354 – Ill: Appellate Court, 5th Dist. 2007 Furthermore, married people in Illinois, if they buy the home they’ll live in, they are automatically deeded the home as a tenancy by the entirety, which further protects the home from creditors. “Whenever a devise, conveyance, assignment, or other transfer of homestead property maintained or intended for maintenance as a homestead by both husband and wife together during coverture shall be made and the instrument of devise, conveyance, assignment, or transfer expressly declares that the devise or conveyance is made to persons, named and expressly identified in that instrument as husband and wife, not as joint tenants or tenants in common but as tenants by the entirety, the estate created shall be deemed to be in tenancy by the entirety.” 765 ILCS 1005/1c Joint real estate, however, must be unwound in an Illinois divorce as the parties divided their marital property.   When there is marital real estate in an Illinois divorce, there are three options: sell the house and split the proceeds, one spouse keeps the house, or the other spouse keeps the house. If one spouse transfers their interest in the property to the other spouse, they do so by preparing a quit claim deed.     What Is A Quit Claim Deed Any transaction involving real estate must be made by a deed. A deed memorializes the transaction between the parties. A quit claim deed is a deed that transfers ALL of one party’s interest to another party. “A quit claim deed conveys only the grantor’s interests in the property described therein,” Hulke v. International Mfg. Co., 142 NE 2d 717 – Ill: Appellate Court, 2nd Dist. 1957 Illinois has a very specific statute that outlines what a quit claim deed must say to be effective. “Quitclaim deeds may be, in substance, in the following form:    The grantor (here insert grantor’s name or names and place of residence), for the consideration of (here insert consideration), convey and quit […]

from Russell D. Knight | Family Lawyer Chicago https://rdklegal.com/quit-claim-deeds-and-divorce-in-illinois/