Be careful buying a home during divorce

On Behalf of | Jun 11, 2021 | Divorce, High-Asset Divorce |

People naturally want to get back on their feet as soon as possible after a divorce. They may seek to buy a New Hampshire home right away, but this is not always easy due to divorce-related issues. It is possible, but perhaps the best thing is to wait until the divorce is final to buy a house.

Being allowed to buy a home is not automatic

The main concern is that the couple is not considered officially divorced until the court order is entered and the marital settlement agreement is filed. Property that each spouse acquires even after separation may be considered marital property, so your spouse may need to agree to allow you to buy a home. This is not always possible in a contentious divorce with hurt feelings.

In addition, you must qualify for a mortgage and get approval from a lender. This is not always possible during a contentious divorce. In addition, you may need time to get on your feet financially before a lender would approve you. You could even need permission from the court to buy a home before a divorce is completed.

Get legal help to learn about possible issues

If you are considering doing anything other than renting, you should seek legal help to learn the possible issues that could impact a purchase. Getting legal and financial advice may help you make decisions that could set you up for a better future. Sometimes, the knee-jerk reaction of what you think you should do is not always the best thing for the long term.

A divorce attorney may tell you what you need to know as you make decisions. Your divorce attorney is your advisor and counselor throughout the process. They may let you know about legal questions that impact your finances and recommend finance professionals to work with as well.