I’m currently in mediation to help divide assets. We’ve only been separated for a few months but have agreed on the value of the house and I will “buy” her equity in order to keep the property. I’m feeling pressured to pay this quickly which is requiring a HELOC at a substantial interest rate where if I wait closer to the end of the separation period I will have much more saved to decrease the loan amount. What is the timeframe requirement for payment of this asset to her? Is it ASAP or by the filing in court? Also being rushed to complete the QDRO for my 401k before completion of the separation period.
Typically the spouse that is going to keep the house and refinance the mortgage or get a HELOC to buyout the other spouse has 90-120 days to do so, but this is all negotiable and can be longer if both parties agree. There is no rule or law that says the spouse keeping the house must complete this in 90-120.
Typically the spouse receiving the benefit of the QDRO (the spouse receiving the retirement asset rollover) must be responsible for drafting the QDRO and the costs associated with that. So the timeline is up to that spouse, although some retirement plans cannot accept a QDRO until the absolute divorce is entered.
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.
Who is responsible for the attny fees/costs of writing quitclaim deed and free trade agreement? Split?
This can be negotiated but typically the party receiving the property is responsible for the costs associated with drafting and recording the deed.
Either party can take on the expense of drafting a free trader agreement. These should be inexpensive to draft.
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.