What happens post divorce? We have to look and see are there any assets that we need to complete their division. After the divorce decree is entered, a lot of times we are dividing up a retirement account. The issue then becomes is this a 401(k) account that requires a qualified domestic relations order? Is this a para or pension account that requires a division via an approved qualified domestic relations order? If this an IRA account, does it need to be divided via a tax-free roll-over? A lot of times there are time frames to complete these tasks. It’s important to be timely if there are assets that need to be divided.
Another factor that comes up a lot is what are we going to do about the home? People typically confuse the title to the home – in other words the name on the deed – with the mortgage to the home. I have people come in to see me where, for example, the husband got the home but they never addressed when he was going to refinance the mortgage and take the wife off of liability from the mortgage. Those are factors that we have to consider as well.
People get confused. They think if I sign the quick claim deed, I’m no longer responsible to Wells Fargo or whoever the mortgage is with. That’s not the case. What happens is, in many instances, is the person who kept the home and the mortgage makes the payments late or you’re not able to go buy another home because your credit is all tied up. If you have concerns about the assets and what needs to be done post-decree, please come inand talk to Jennifer Lewis at Lewis & Matthews. We can talk about the best way for you to proceed.