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.
Certificate of Dissolution
An official document issued by the court that formally ends a marriage, confirming the legal dissolution of the marriage and often including basic details like the date of the divorce and name change.
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.
Beneficiary Designations
Instructions on who will receive benefits from accounts like life insurance policies and retirement plans in the event of your death.
Underwriting
The lender’s process of evaluating a borrower’s financial profile (income, debt, credit) to decide whether to approve a refinance or assumption.
Alternate Payee
An individual, usually a spouse or former spouse, who is granted the right to receive a portion of the benefits from a retirement plan under a Qualified Domestic Relations Order (QDRO).
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.
Post-Decree
Also known as post-divorce, the phase following finalization of a divorce when the final resolutions are implemented.
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.
Lien
A legal right or claim against a property by a creditor or a party owed a settlement to secure the payment of a debt or obligation, remaining until the debt is satisfied.
Encumbrance
Legal claims, debts or liabilities, such as mortgages or liens, attached to a property that may affect its transfer or value.
