Tips for Purchasing a Home While Going Through a Divorce

Ending a marriage can present a wide range of legal, financial, and emotional challenges. One could say the same about buying a home. If you’re going through a divorce at the same time that you are purchasing a new residence, the strain might seem overwhelming. However, by approaching these simultaneous life changes in a thoughtful manner, you can manage both successfully.

Once you’ve decided to end your marriage, you should always discuss major financial decisions you are considering with your divorce attorney. Your lawyer can look at your particular circumstances and advise on what you can expect if you decide to move forward. Though each situation is unique, there are some general guidelines for divorcing spouses who are also buying a house, condominium or contemplating renting an apartment, such as:

• Make clear whether the home is separate or marital property — Assets and debts acquired during the marriage are generally considered marital property, which is divided between the spouses upon their divorce. This can be true even for items purchased after a couple has decided to break up. If you intend to buy and own the home completely on your own, your attorney should draft an agreement to that effect for both parties’ signatures. If the new home is being purchased for you alone, then ensure that the real property is titled solely in your name.
• Be aware of the financial impact of your divorce — Property division, spousal maintenance (alimony) and child support terms could affect your finances for several years after your marriage is dissolved. Buying a home during a divorce means you’ll need to have a clear understanding of your financial position, including your credit score, current debts, and future obligations. You’ll also need to assess your ability to afford a mortgage without income from your ex-spouse. Be prepared to provide up-to-date documentation on income, savings and any legal agreements regarding the distribution of marital assets.
• Don’t overlook hidden home costs — A homeowner’s financial obligations go well beyond a monthly mortgage payment. You should also consider the additional costs of homeownership, such as insurance, property taxes, maintenance and repairs. As your financial landscape changes due to the divorce, make sure that the home you purchase won’t put too much strain on your budget under your new living and financial situation.

Buying a home during a divorce is a significant decision, and it requires careful planning. The Henry Law Firm P.A., in Overland Park, provides comprehensive counsel about the Kansas divorce process, including how to handle major purchases as you start the next chapter of your life. For a consultation, please call 913-381-5020 or contact us online.