If your original arrangement in your property settlement required that you leave your husband's name on the property deed, and if the value of the equity at that time was $5000...then you can easily arrange a transaction to have him sign a quit claim deed so that he is no longer on the deed. I guess it will really depend mostly on the value of the home's equity at the time of your divorce and what it is worth to you to get his name off of the deed. If the equity was not worth that much, then maybe he is willing to negotiate. In any case, you will need to consult an attorney regarding length of time in a home vs a divorce property settlement's requirements.
Thank you for your question.
We are not attorneys. IMHO you are asking legal advice. I would consult with an attorney and I would pose the question as openly as possible. Something like, "I live in a home that I purchased with my ex-husband 13 years ago. I plan to remain in the home for the foreseeable future.
"My ex has asked me to give him $5,000 for him to quitclaim his interest to me. What are my options? What should I be concerned about?"
My concern is that the quitclaim potentially may cause issues in the eventual sale of the property. Also, how did he arrive at the $5,000 figure? Is that a fair price?
Best of luck to you!
keller williams realty
The problem may arise that you pay an attorney $10K to not pay the $5K.....so the $5K maybe a good alternative...so really, first off go see a REAL ESTATE attorney for an initial consultation who can best advise you.