Husband has agreed to sign Quit Claim BUT...

[NothingIsSimple]

What is the name of your state? CA

This is so complicated and don't know if I have the right forum or if I should be in Family Law, or Tax Law. How to state my question simply ...ok, here goes:

I have been separated from my husband for almost seven years. He took off with his lumpsum retirement and our savings, totalling $220,000. I filed for divorce in 98 and was under the impression it was final 1/6/99. My atty never filed the final papers, which is a whole other issue. Due to my leaving state service on a medical retirement, I had no income while that decision was pending and now that it has been granted, my monthly retirement is minute, which is what has prevented me from finishing my divorce. However, my financial situation has improved, and I am now able to wrap up that issue.

Phew, ok here is the question, my soon to be ex, has said he will sign off on the quit claim but on the form, there is space to fill in a dollar amount, and my thought was I could put in zero or $1. Then a friend suggested I get some expert advice so as not to incur additional tax liabilities. I really need an answer so I can get him to sign off before he changes his mind. When I went to court with my atty for the divorce I recall the judge saying something to the effect of him abandoning the property (home) and something to do with the funds he took, that I would retain the home. The are three or four issues involved in that itself so, I will spare you any further headeaches. Just thought that what the judge said may have an impact on your answer.

Thanks so much for your time and assistance, it truly is appreciated.

 

[seniorjudge]

The consideration on a qcd is really meaningless.

It is usually $1 or $10 or $100...

 

[NothingIsSimple]

Thank you but ...

If the dollar amt is meaningless, then what is the point of even having or requesting it on the Quit Claim form?

And thank you for your help.

 

[seniorjudge]

If the dollar amt is meaningless, then what is the point of even having or requesting it on the Quit Claim form?

And thank you for your help.

You are welcome.

The deed calls for peppercorn consideration:

A maxim going back to first year contract law is that "a peppercorn" is sufficient consideration for an agreement. It is extremely rare for a contract to be invalidated for lack of consideration. Courts try to find consideration in every agreement, because "lack of consideration" or "insufficient consideration" smack of hyper-technical arguments which can undermine the agreement between two parties.

 

[HomeGuru]

If the dollar amt is meaningless, then what is the point of even having or requesting it on the Quit Claim form?

And thank you for your help.

**A: to comply with contract law, specifically one component out of many in insuring that the contract is valid and enforceable, and that being consideration.