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.
Interest Rate
The cost of borrowing money, expressed as a percentage of the loan amount.
Loan Term
The length of time over which the mortgage must be repaid (typically 15 or 30 years); a refinance typically restarts the term while a loan assumption maintains the current term.
Qualified Domestic Relations Order (QDRO)
Also known as QDRO (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.
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.
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.
Post-Divorce
Also known as post-decree, the phase following finalization of a divorce when the final resolutions are implemented.
Name Deletion
Also known as loan assumption, 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.
Plan Administrator
The entity or individual responsible for managing a retirement plan, ensuring compliance with regulatory requirements, and processing benefit distributions.
