After the Divorce
Once you are divorced, there are often post-divorce tasks to complete. Whether you are implementing the agreements or addressing post-divorce disputes, learning the basics (and what you can do on your own) will prepare you and may save you time and money.
Post Divorce Introduction
Learn about steps and tasks that need to be completed to implement the agreements outlined in the decree after the divorce is final.
Post Divorce Transfer of Real Estate
Learn the steps, considerations and potential challenges with transferring or handling real estate after a divorce is final.
Post Divorce Division of Retirement
Learn the procedures and legal requirements to divide each type of retirement account to facilitate a smooth transition and compliance with the divorce decree.
Post Divorce Division of Other Assets and Liabilities
Review considerations and tips for dividing assets and liabilities after divorce, like bank accounts, investment accounts and debts.
Indemnity Clause
A contractual provision in which one party agrees to compensate the other for any loss or damage incurred, often used to protect against financial liability.
Participant
An employee or former employee who has accrued benefits in a retirement plan and is entitled to receive those benefits upon retirement or another qualifying event.
Quit Claim Deed
A legal document used to transfer ownership interest in a property without providing any guarantees about the title's validity or freedom from encumbrances, often used in a divorce because of the familiarty and trust between the parties.
In-Kind Transfer
The process of transferring ownership of assets without converting assets to cash and potentially incurring taxes, and instead directly transferring the actual asset itself, such as stocks, property, or other physical items.
Notice of Entry
A document or court order provided to the parties of a legal matter saying that the final judgment of the divorce has been entered and is now final.
Loan Assumption
Also known as name deletion, a process where one spouse takes over the existing mortgage, becoming solely responsible for payments, while keeping the original loan terms (e.g., interest rate, balance, maturity date). Lender approval is typically required, and not all loans are assumable.
QDRO
Also known as Qualified Domestic Relations Order and pronounced "quadro," a legal order following a divorce that is required to divide ownership of a qualified retirement plan (such as a pension or 401k) to give the divorced spouse their share of the asset or pension plan.
Underwriting
The lender’s process of evaluating a borrower’s financial profile (income, debt, credit) to decide whether to approve a refinance or assumption.
Post Divorce Dispute
Also known as post divorce decree, a conflict or legal issue that arises after the divorce has been finalized and the court has entered a decree; these may involve parenting, support, property division, or enforcement concerns.
Name Change
The legal process of changing your name after a divorce, which involves updating your name on all legal and personal documents such as your Social Security card, driver’s license, and bank accounts, often using a certified copy of the divorce decree.
