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In California, as a community property state, both spouses hold equal interest in property acquired during marriage, regardless of being on the deed or mortgage. A quit claim deed facilitates the transfer of property interest but does not guarantee the value of that interest. If a mortgage is reported to credit bureaus, late payments are required to negatively impact credit scores; a quit claim deed does not affect this. Signing a quit claim deed relinquishes rights to the property but does not eliminate financial obligations attached to the mortgage, meaning you remain responsible for payment despite being removed from the title.