YES IT IS POSSIBLE OF OWNING A HOME AFTER A DIVORCE
YES IT IS POSSIBLE OF OWNING A HOME AFTER A DIVORCE
Divorce is never easy on anybody. It doesn't matter if you were the one who initiated the proceedings or walked out on the relationship, it is still painful, and you will grieve over the loss. You will lose not only your spouse and coupled marital status, but most likely you'll experience a loss of sleep, a loss of appetite, possibly any sense of wonderment or contentment with your life will also vanish while you struggle with material losses, either financial or personal or both.
Quitclaim Deed or Inter spousal Transfer Deed for Divorcing Home Buyers
While it might not be an ideal time tobuy a home,you still need a place to live and, if you're used to living in a home you own, you may want to buy another home right away. Buying a home when getting divorced is possible, but you might need the cooperation of your spouse in order to do it. The reason? Title companies incommunity property stateswill require your spouse to sign and notarize a type ofquitclaim deed, disavowing/transferring any acquired interest in your home. Even non-community property state laws might consider the purchase of a new home while in the middle of a divorce a marital asset.
If your spouse is angry with you or non-communicative, obtaining a quitclaim deed or an interspousal transfer deed might be difficult if not downright impossible. You might be tempted to buy the home in somebody else's name, a family member or friend, but if you use joint assets to conceal a purchase, it could come back to bite you later. The bottom line is if your spouse refuses to cooperate, you might not be able to buy a home until your divorce is final.
In California, there is a legal procedure calledbifurcation, which restores your status to that of a single person while the other aspects of the divorce are still being hammered out, subject to a minimum time of separation. The time requirement is 6 months between the time your spouse was served with divorce papers and now. If you are in the early stages of a California divorce, bifurcation does not seem to be a viable option.
Court Approval of Sale When Buying a Home and Divorcing
Some states will require that a divorcing party obtains court approval in order to buy a home while in the middle of a divorce. This occurs more often when "marital assets," i.e. generally money or equity accumulated during the term of the marriage, are used to buy a home. Ask your lawyer if you need court approval to buy a home while divorcing. Don't just run out andpay cash for the home, hoping nobody will notice. Somebody will find out. You don't want to make false statements on court documents.
Obtaining a Loan for Buying a Home and Divorcing
The first problem might be affordability. If you were a two-income family, dropping to a single-wage earner might reduce your purchasing power for a home. Newly single womenare often affected more severely by this than men because women still, in this day and age, do not earn an income on par with men. This means not only may a woman need to cut her lifestyle in half but maybe even more so to account for her substantial financial drop from a two-income family to less than that of a single man.
The second issue could be qualifying for a loan, getting pastunderwriting, due to increased expenses such as alimony or child support payments. If yourback-end debt ratiosare too high, you might get rejected. The underwriter may want to see evidence that your debt load will not change after the divorce. If you are still sorting out the details and negotiating, this could cause loan rejection.
This post was originally written by :https://www.thebalance.com/buying-a-home-when-getting-divorced-1798262
Author:Shalonda Lampkin Phone: 407-490-5023 Dated: November 5th 2018 Views: 114 About Shalonda: Shalonda Lampkin has a heart describe like pure gold and unbridled enthusiasm. Her life has ta...
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