This is part of OSE's treatment of Real Estate Law for entrepreneurs, family businesses, and married couples.
- Used when you quit your claim to property. Does not guarantee that you own the property that you are quit claiming.
- Sample template - 
3 Types of Tenancy
- For Missouri, there are 3 possible types of quit-claim deeds one could use. The differences between them lie in what happens if one gets sued (or owns money they can't repay) or if one dies.
- Tenants by the Entirety with Rights of Survivorship
- Joint Tenants with Rights of Suvivorship
- Tenants in Common
The first two are the most common between married couples. In both of these: 1) the couple own the property jointly; 2) if one spouse dies the other automatically inherits the property (no probate). The only difference between them is that in "Tenants by the Entirety" the couple is considered as a single entity. This means that if one spouse is sued or if for some reason their assets are seized, the credors can't touch the property—because it is owned by the couple as single entity and it's impossible to separate it. In this same scenario with the "Joint Tenants with Rights of Suvivorship" they can indeed force the sale of the property and seize the half belonging to the spouse who is in trouble, while repaying the spouse who is not involved in the issue their half of the value of the property.
The last type, "Tenants in Common," can be used for couples, but is often meant for joint ownership of people who are not married. In it, each person holds a share (percentage) of the property. Upon the death of that person, that percentage of the property does not revert to the other co-owner but to the heirs of the deceased.
Below are some links explaining all this.
Needless to say, independently of what it says on the deed, I will still consider the property as yours alone and not make any claims on it. Though I do think we should consider the ramifications of the scenarios above (asset seizure or death).
Gift Tax Exemption
- Gift exemption is $158,000
More about this:
Adding a Partner to a Deed
- Alvin Rabushka's Flat Tax would simplify land tenure issues.
- For couples - use a Right of Survivorship. This avoids probate.
- Capital gains taxes may apply, so Transfer on Death is preferable for capital gains purposes.
- Procedure: obtain a quitclaim form from local recorder's office. Sign (one or both, depending on county) in presence of a notary. May require a Spousal Affidavit.
- Tenancy in Entirety protects other partner in case of suit, other partner is not exposed if one partner is sued.