Signing a quitclaim deed and a homestead waiver for my seperated spouse
Full Question:
Answer:
California is a community property state. Generally, all property acquired during the marriage is shared by the spouses. A quitclaim deed is used to transfer ownership of property. A person who owns the property and is signing the deed as a grantor(s) may transfer
the property to the named grantee(s). Typically, the grantors and grantees must sign the deed to transfer ownership.
There is a protection available under state laws called a homestead exemption, which allows a person who has a residence in the state to hold a certain portion of the value of the property free from the claims of creditors. If a homestead waiver is signed, the person signing
forfeits this protection, so that the property may be used to collect on by creditors. It is common for a mortgage lender to require a homestead waiver from a spouse so that if the mortgage is unpaid, the lender is able to collect on the property without the obstacle of a spouse's exemption.