Buying a home after a divorce

Buying a Home After Divorce

When the love is gone, what do you have left? A new beginning. Divorce can emotionally, mentally, physically, and financially exhaust a person, but if you’re smart it doesn’t have to ruin you. Get ready to roll up your sleeves, because a divorce can easily get rough when finances are involved. Here are some things to help you find your way to home ownership after a divorce.
Before Divorce. If you have the foresight to see the end near, here are some key steps you can take before the papers are filed to ensure you are poised to own a home on your own.
Know your finances. With marriage comes financial entanglement. Your spouses financial status is effecting yours as well. If there are joint accounts, settle them. Make sure payments are up to date and close as many accounts as possible.
Know the law. Your states law will dictate settlements and responsibilities of each marital party. If you know there is no chance of reconciliation or settlement, get a lawyer.
Determine what you will do next. Create a budget based on what you will do once the divorce begins. Determine attorney fees, housing cost, personal expenses, etc.
Build credit. Get individual credit that will help establish personal credit. Depending on your spouses financial situation, your credit may change after the divorce.
During Divorce. So the bomb has dropped. Now what? Here is what you should keep in mind during your divorce.
Consider mediation. If a split is amicable, avoid the huge expense lawyers create during divorce. Save as much money in court cost so that both parties can benefit.
Keep the Lawyers to a minimum (if possible). During a divorce you must remember to treat the split as a business transaction. If you go into debt here, regardless of your settlement ,you are only hurting yourself. Lawyers, if unnecessary, are a wasted form of communication when you consider the fee. Lawyers should not be used for emotional counseling or personal messengers.
Understand your responsibilities. Know what you need to pay. Understand that any agreement not in writing is hard to uphold. For those interested in keeping the house after the divorce, understand that signing over a home may not exclude you from financial responsibility from the mortgage. Get this all settled before signing.
Buying a House during a divorce. Each state holds varying laws on what rights your ex may have on the purchase of a new property before the divorce is settled. Know the law before you proceed in order to safeguard your assets.
After Divorce. Unchained and starting over. With the past behind you, here are the first steps to take into your bright new home buying future.
Evaluate your current financial status. This involves investigating your current credit score, evaluating your finances, and developing a budget to see if you are capable of paying for a new home.
Get pre-qualified. Being Pre-approved for a home will make you more enticing to a seller or Realtor.
This assists you in preventing numerous inquiries while comparing lenders because such inquiries can appear negative to lenders.
All home buying rules still apply. Ensure your new home is a wise investment that has potential to gain equity, will resale easily, and is an accurate reflection of what YOU want. Follow regular home buying tips to make sure you are buying rationally.
Learn from your past. If your divorce caused you financial woes, evaluate what went wrong in order to safeguard yourself from repeating the same mistakes.
Divorce, sadly, has become a very normal occurrence for many people. A standard result of any divorce is the need for each separated party to start over, sometimes from scratch. The toughest challenges individuals face buying a home usually occur after a divorce. Frequently finances get jumbled together, credit reports may reflect the former spouse’s debt, and a reduction of a once two persons net income all prove to be difficult challenges. However; with proper planning and the right expectations, buying a new home should prove to be an exciting time symbolizing a fresh new beginning...

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