Q:

A dictionary of keys and lists as their values. How to identify item in the list, and move to another list? (python)

In my comp sci class, we've just touched on dictionaries. I'm trying to figure out how to remove an item from a list in a dictionary and move it to another list. 
For example, 
dict1={ 'colors':[red,blue,green], 'sweaters':[mine, his, hers]}

Let's say I wanted to check if "red" was in the dictionary, and it was. So how could I go about removing it from "colors", and adding it to "sweaters"? The list part has thrown me off.
This is the function I have thus far( the actual problem) 
`def nowRead(yourDict, title): 
key1, key2, key3, key4 = yourDict.values() 
if title in key2: 
    key2.remove(title)
    key3.append(title)
return yourDict

A:

for key in dict1.keys():
    if 'red' in dict1[key]:
        theList = dict1[key]
        # remove 'red' from theList
        # append 'red' to another list in dict1

