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Usually the time period is stated in the order that requires the refinance. If not, it is presumed that the person must do so within a reasonable amount of time. The court can determine whether the party required to refinance is making a good faith effort to accomplish the refinance. If it is not completed by the time the divorce is finalized, the party who is benefiting from the refinance should make sure it is written into the order that the house be refinanced and when it should be refinanced by, and if the other party is unable to refinance, that the house be sold.
The time period should be explicitly stated in the agreement, and an alternate outcome should be stated. That will make the order easier to enforce. If there is no time in which the refi is to be completed, it will be difficult for the court to hold the party in contempt for violating the order.