What happens after my divorce?
After your divorce, you will need to abide by the terms of your Separation Agreement. There are often follow up matters such as the drafting and implementation of a Qualified Domestic Relations Order (“QDRO”) required in order to assign retirement assets from one spouse to the other. Also, deeds may need to be drafted and recorded to transfer title to real estate. One party may need to refinance debt within a certain time frame in order to remove the other party’s name from liability on the debt. A party may need to obtain life insurance or notify their employer of the divorce for health insurance or other purposes. Beneficiary designations may need to be changed. A new estate plan and will should be drafted. All transfers of property incident to divorce are considered non-taxable transfers.
In the event of a material and substantial change in circumstances such as a reduction in income, certain aspects of your agreement can be modified such as support and custody which requires the filing of a Complaint for Modification. Certain aspects of your divorce are non-modifiable such as division of property and debts.
If either you or your spouse does not abide by the terms of the Separation Agreement, you can file a Complaint for Contempt. Provided there is a willful violation of a clear and unequivocal order, your ex-spouse may be found in contempt and ordered to pay your counsel’s legal fees.