When divorcing in Knoxville (or anywhere!), here are the options regarding a house that is mortgaged in both your names: 1) Sell it, 2) Refinance the mortgage under one name.
One choice you do not have is to quit claim deed the property to one of you. Doing so simply removes one person’s control over a property while they continue to be liable for the debt (because their name is still on the mortgage.)
So let’s review these two options.
One choice you do not have is to quit claim deed the property to one of you. Doing so simply removes one person’s control over a property while they continue to be liable for the debt (because their name is still on the mortgage.)
So let’s review these two options.
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