Buying a House During a DivorceWednesday, April 29th, 2020, 4:37 pm
When you decide to get a divorce, it’s likely that either you, your spouse, or both will need to look for a new place to live. Often, this means renting an apartment, but it could also mean buying a new home. However, because you’re still legally married, the process is just a little different. You want to make certain at the end of the day that your new home is 100% legally yours and that your ex can’t claim any part of it.
Your Spouse May Need to Sign Paperwork
Unfortunately, your spouse is going to be slightly involved in the purchase of your new home. While they certainly won’t have any say over the house itself, you will need them to cooperate and sign some paperwork. This is especially important in community property states. The quitclaim deed states that your spouse has no interest in the property and no legal connection to it. This document makes it clear that they do not consider the new home to be a shared marital asset and will not attempt to gain partial ownership of it during the divorce.
There can be some difficulty here if you and your spouse are not on good terms. They may refuse to sign the document. If that’s the case, you’ll want to work with a lawyer and the court to determine what your next step should be. Don’t try to hide the purchase of the home or do anything that’s not aboveboard. If you do, it’s possible your brand new house will become communal property!
Understanding Your New Financial Status
Another thing to take into consideration is your new financial status. You’re going from a two-income household to your single income. The court may also impose child support or alimony payments on you. If you’re applying for a mortgage, it’s possible the lender will be hesitant to sign off on your purchase if it looks like your monthly debts could increase. You may need to provide paperwork to the lender from the court stating what new monthly costs you may have.
These are just a few of the things you’ll have to deal with if you decide to purchase a new home before your divorce is finalized. Fortunately, you don’t have to go through the process alone. Contact the experts at the FK Law Group today for help in navigating your divorce.