How are retirement accounts split equitably after a divorce since most times you do not have early access to your funds?
Also if I want my name taken off my mortgage how do I receive anything for the equity I have in my home? How long does this usually take?
Retirement accounts are divided using a QDRO (qualified domestic relations order) or some other retirement order depending on the type of retirement account. With a QDRO or similar order, account is divided without a tax penalty.
The only way to have your name removed from the mortgage is for your spouse to refinance the mortgage into his or her individual name. If your spouse is going to keep the house, he or she would need to “buy you out” and pay you for one-half of the equity in the home. Sometimes this can be accomplished by the refinancing spouse borrowing extra money for the “buy out.” The refinancing process can take several months, but this would first need to be agreed to by both spouses, or court ordered.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.