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.
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