The property title for your house is your ownership interest in the house, which can be full or partial. When you co-own a home with your spouse, both of your names are on the title to show that you each have partial ownership of the house. If your spouse agrees to give you full ownership of your marital home, you will assume your spouse’s ownership interest in the title. A deed is a legal document that transfers a property title to a new owner. Quitclaim deeds are the most common deeds used during Illinois divorce because:
- It is a quick and relatively simple process; and
- The recipient knows that the grantor owns the property and has the right to transfer it.
If you complete the deed while you are still married, you should be able to avoid a transfer tax because it is a gift between spouses....