Divorce Help 101
Divorce Follow Up
Following a divorce there will be a number of things that will need to be addressed outside of Court. In other words, it is not always as simple as walking out of the courtroom and everything being done.
The first thing that any person who has just finished going through a divorce should do is consult either their divorce decree or property settlement agreement. There may be certain tasks that need to be completed in a timely fashion. For instance, say the parties owned a home together while they were married and one of the parties was to retain possession and ownership following the divorce. To legally make sure that this has happened properly the spouse who will retain possession and ownership of the residence will have to secure the appropriate deed from their spouse whereby the spouse waives their interest. However this alone may not be sufficient if there is a requirement the spouse who will retain ownership also must have the other spouse’s name removed from the mortgage. If this is the case, unless the mortgage can be assumed, the home will have to be refinanced.
If there are questions concerning the agreement or anything that needs to be done, a party should consult their attorney.
Another area that often needs attention following a divorce is retirement accounts. Since retirement accounts are generally in the name of only one party a special order known as a Qualified Domestic Relation Order will have to be prepared to allow the parties to transfer the retirement account without early withdrawal penalties or tax implications.
The main point to remember is that sometimes although the basis for a property transfer is addressed or contemplated in the final order or property settlement agreement, the divorce decree may not in and of itself take care of the actual underlying action required to effectuate the proper change.
One of the commonly overlooked areas of follow up is to provide adequate notice to third parties so they will be aware of any changes. For instance, it is not unusual for a party, usually the wife, to change her name. It will be important for all necessary third parties to have notice of this change so as to avoid possible implications for not having changed certain records to comply with the new name.
There may also be certain other executory provisions that will need to be changed. For instance, while it may be contemplated in the decree, parties should make sure they own no joint property and that all financial accounts have been closed or otherwise separated. Credit should be aligned in a similar fashion so neither party will be troubled by the debt of the other.
There may also be other issues that will need to be addressed, so make sure to carefully consider all aspects of your divorce to make sure that adequate follow up has been properly addressed.
Disclaimer
The first thing that any person who has just finished going through a divorce should do is consult either their divorce decree or property settlement agreement. There may be certain tasks that need to be completed in a timely fashion. For instance, say the parties owned a home together while they were married and one of the parties was to retain possession and ownership following the divorce. To legally make sure that this has happened properly the spouse who will retain possession and ownership of the residence will have to secure the appropriate deed from their spouse whereby the spouse waives their interest. However this alone may not be sufficient if there is a requirement the spouse who will retain ownership also must have the other spouse’s name removed from the mortgage. If this is the case, unless the mortgage can be assumed, the home will have to be refinanced.
If there are questions concerning the agreement or anything that needs to be done, a party should consult their attorney.
Another area that often needs attention following a divorce is retirement accounts. Since retirement accounts are generally in the name of only one party a special order known as a Qualified Domestic Relation Order will have to be prepared to allow the parties to transfer the retirement account without early withdrawal penalties or tax implications.
The main point to remember is that sometimes although the basis for a property transfer is addressed or contemplated in the final order or property settlement agreement, the divorce decree may not in and of itself take care of the actual underlying action required to effectuate the proper change.
One of the commonly overlooked areas of follow up is to provide adequate notice to third parties so they will be aware of any changes. For instance, it is not unusual for a party, usually the wife, to change her name. It will be important for all necessary third parties to have notice of this change so as to avoid possible implications for not having changed certain records to comply with the new name.
There may also be certain other executory provisions that will need to be changed. For instance, while it may be contemplated in the decree, parties should make sure they own no joint property and that all financial accounts have been closed or otherwise separated. Credit should be aligned in a similar fashion so neither party will be troubled by the debt of the other.
There may also be other issues that will need to be addressed, so make sure to carefully consider all aspects of your divorce to make sure that adequate follow up has been properly addressed.
Disclaimer
