Getting a divorce is not only an emotionally straining event it also puts a big dent in the finances and property ownership of couples. It is therefore recommended that you only make the purchase when the divorce is finalized but it doesn’t mean that you cannot buy a house while getting divorced. You can buy the house successfully while getting divorced and it will not affect you later on if you have proper advice which is why you need to consult your attorney. Your attorney will help you through the process so that you do not act with emotions or prior to enforcing court orders if any. Here are three things you should know about buying a house while getting divorce
1. Get Approval from Court
One of the ways in which you can protect your new investment is by getting approval from the court. You can also draft an agreement with your spouse that indicates that you are buying a new house with his/her knowledge and consent. The agreement should also indicate that they are waiving any marital interest in the property.
After that both of you should sign the agreement and the judge also should sign it so that it can be enforceable. Getting approval from the court will help you get past any enforcement of court orders that might have been restricting the divorcing spouses from making any huge purchases.
2. Know which Funds to Use
In order for the house to be entirely yours, you have to purchase it with funds that are separately yours. You should not use marital savings to purchase the house during the divorce. If by any chance you had put your separate money in a joint account with your spouse, it is best you speak with an attorney first before using that money to purchase the house.
The attorney will help you lay legal claim to the money so that when you use it the spouse cannot claim the home to be marital during sharing of property.
3. Be Conscious of Separation Date
You should know clearly the date when you separated before buying a house. If you seal the deal for the house before the day when you are legally separated then the property might be considered marital even if you used separate non marital funds for the purchase or the deposit. The legal date of separation should be a date that both of you agree on.
It can be considered the day you moved to different residences or when of you declared that the marriage was over.
You should also be budget conscious when you are planning to buy a house. Enforcing court orders given during the divorce process may affect your finances greatly later on in life. For instance if your retirement or pension account has been shared it greatly affects you in the future.
Know what you can afford in terms of mortgages and have in mind that your income might be drastically less than what you are accustomed to as you will have to do more on your own.