When two people decide to get divorced, a common concern is where each person will live during
proceedings. Typically, one person will continue to live in the marital home, and one person will move
out. If you are the person who is moving out, what are your options as far as housing is concerned? You
may choose to move in with a relative or a friend or rent an apartment or home until your divorce is
finalized. However, you may encounter an opportunity to purchase a new home, but should you? How
will buying a new home affect your divorce? You need to consider several things if you are in the midst of
divorce proceedings and considering purchasing a new home.
You should consider whether the new home will be within your new budget. Divorce can affect your
financial situation, and you may be ordered to pay alimony or child support or more of the marital debt
than you anticipated. Be sure you have a good handle on what your financial situation will look like once
the divorce is finalized before deciding to purchase a home.
You also need to consider any assets acquired during proceedings could be regarded as marital property,
especially if you use marital funds for any part of the purchase. Since you would be purchasing the home
prior to finalizing proceedings, it is imperative that you keep accurate records of where all funding
sources came from for the purchase. You want to be clear to the court, or mediator, that the purchase
used only your income or other private sources. You and your spouse may also want to execute a legal
property agreement that states that your spouse has no legal rights to the property.
If you have questions or concerns about purchasing a home during your divorce, you should contact your
attorney for advice. Having a clear understanding of the consequences may help prevent any delays with
finalizing your divorce or keep you from a financial mess later on.
If you are interested in legally ending your marriage or would like to discuss your rights, please call our
Akron divorce attorneys to make an appointment to discuss your potential divorce. If you have already
been served with divorce papers by your spouse, you need to retain an attorney immediately, as there
are court-required deadlines that need to meet. Call us at 330-922-4491 or contact us online to schedule
you for an initial consultation immediately.