Dear XXXXX bob,
Thank you for your question.
You understand correctly. this transaction is not treated as a sale or a gift. Since there is no taxable gain or loss this is not reported.
Please see the following extract from the law.
SEC. 1041(a) provides that, generally, no gain or loss is recognized on transfers of property between spouses or former spouses incident to a divorce (unless the transferee is a nonresident alien). It is immaterial if the transfer is structured as a gift, sale or property division. Under Sec. 1041(b), a recipient spouse takes the transferor's carryover basis, as if the property were received as a gift.
This is errespective of the existance of the loan she gets. this will be treated as a cashless non-taxable exchange.
You do not have to do a gift tax return.
If this were, based on the dates you gave it would have been a 2009 taxable event.