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.
Loan Modification
A change made to the terms of an existing loan by the lender, sometimes considered as an alternative to refinancing, though not a common divorce solution and not to be confused with a loan assumption or refinance.
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.
Encumbrance
Legal claims, debts or liabilities, such as mortgages or liens, attached to a property that may affect its transfer or value.
Indemnification Clause
A legal provision in a divorce decree stating that the spouse retaining the home will protect ("indemnify") the other from any financial or legal harm related to the mortgage; this clause does not remove the non-retaining spouse from the loan in the eyes of the lender.
Post Divorce Dispute
Underwriting
The lender’s process of evaluating a borrower’s financial profile (income, debt, credit) to decide whether to approve a refinance or assumption.
Appeal
In litigation, the process for a party to request review of the trial court's decision to a higher court if they believe legal errors were made or if they disagree with the outcome.
Beneficiary Designations
Instructions on who will receive benefits from accounts like life insurance policies and retirement plans in the event of your death.
Refinance
The process of replacing an existing mortgage with a new one, typically done in divorce to remove a spouse from the loan, pay off the existing balance, and possibly extract equity for a buyout.
Certified Copy
An official document that verifies the finalization of a legal matter with an endorsement by the court, often a raised seal.
