Is the Quitclaim for real estate property done at divorce or can it (or even should it) be done during separation? Also, will you (Rosen Law Firm) review the Quitclaim for accuracy as part of the DIY Divorce service?
A quitclaim deed can be signed and recorded at any time after equitable distribution is fully and finally resolved by separation agreement or court order. The date of the absolute divorce is irrelevant.
If one spouse is refinancing the mortgage, then the quitclaim deed is signed contemporaneously with the refinance and/or the payment of the distributive award.
You can ask questions about a quitclaim deed to the attorney as part of the DIY process, but we generally do not review them in the DIY divorce program.
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.
In my particular case, the mortgage for the primary home is solely in my name, but my ex is on the title. In the case of another property, we own it outright but are both on the title. So I need to execute two quitclaims, one to remove my ex from the primary home, the second to remove me from the property that the ex shall retain.
Correct, quitclaim deeds can be executed at any time after equitable distribution is finalized in both instances.
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.
Thank you again. Does this same logic apply to other items of equitable distribution, such as an IRA, etc? Not a quitclaim specifically just the notion of when it can be divided.
A 401(k) is divided with a QDRO (qualified domestic relations order) and can be divided at any time.
An IRA is divided either by a QDRO, DRO (domestic relations order), or an IRA transfer order. Typically these must be divided after the divorce judgment 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.
Why is a 401k treated differently than an IRA? You say that an IRA transfer is typically is done after divorce, does that mean it can only be done then? In this case, the entirety of my IRA will be transferred to the STBX. My 401k will stay mine with no division. This is per the SA.
Regarding the QDRO, DRO or IRA transfer order…are all of these something that the court has to order, unlike a quitclaim that can simply be performed outside of the court process?
Financial institutions will typically not transfer assets until after the divorce. You can check with your particular plan administrator to determine when your specific account can be divided.
A QDRO, QDRO, and IRA transfer order are all documents that must be signed by a judge.
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.