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Definition Assignment - the transfer of a right or interest to another party.

Application in Divorce Very often in a divorce settlement, one spouse assigns an asset to the other spouse in exchange for another asset. This is known as offsetting assets.

Assignment could also be used in connection with an alternate payee of the pension plan if it is being divided upon divorce. A Domestic Relations Order is the legal document that instructs the plan administrator of a pension plan to assign a portion of the payments to the alternate payee upon retirement of the pension plan holder.

Property transferred from one spouse to another in a divorce is not taxable.

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Assigment of the Marital Home
This can be done by a quitclaim deed, thus releasing one spouse from owner ship of the home. If both names are not on the deed, a formal transfer would need to take place if the owning spouse is not on the deed. Keep in mind that when assigning the marital home, re-financing the mortgage (if any) might be required, which can be an unforeseen expense.

Contributed on 4/18/2007 by: DivorceDex.com Staff
Category: Property Division (Applicable in All States)

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