Making Large Purchases Post-Divorce

When you get divorced, you don’t only have to adjust to life as a single person, but you have to decide where you are going to live. If you decide to purchase a home rather than rent one, you’ll need to make some wise decisions during the divorce process. It’s always a good idea to advise your attorney of your plans post-divorce with regards to large purchases, so they can guide you in the right direction.

For now, here are some great tips to consider when you are thinking of buying a home after a divorce:

  1. When you split up your joint debt, make sure that any credit card is listed accurately. For example, you don’t want your divorce papers to just list “Mastercard.” Instead, put the name of the bank, the account number and the current balance.
  2. If you get alimony from your ex-spouse, it can be viewed as income when you are trying to get approved for a loan. If you plan on buying a house, it will better your chances of getting a quality loan if your alimony payments are lower and spread out over a longer period of time.
  3. If you and your spouse are both listed on the mortgage of your current home, have your attorney make it a requirement that your spouse refinances in their own name. This way, your name is removed from any documents related to the ownership of the home.

If you need assistance with a divorce in Orlando and are concerned about your ability to purchase a new home once your marriage is over, please reach out to our team. We can guide you through the divorce process, so your home-buying plans are realized once you are single.