The process of going through a divorce can be financially complex. When you emerge from your divorce and enter your new life you might have a completely different financial situation.
Purchasing a new home may or may not be a legitimate possibility, depending on the state of your finances. It is a good idea to carefully consider whether you are in a place where you can afford to make such a significant financial commitment.
Here are a few things to think about.
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Your income and assets: You may not qualify for as large of a loan as you did when you were married. However, alimony or child support that you receive can be considered part of your earnings. If you are the one making those payments, your lender will be able to decide whether to categorize them as debt.
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Your credit: You will need to have a sufficiently high credit score to get a mortgage loan or conventional loan. You may need to reestablish your credit and build up some credit history on your own before raising your score to the proper level.
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Any current mortgages: If you and your ex currently have a mortgage together, you will need to eliminate that commitment before you purchase a new house on your own. You could ask to be released from the mortgage or have your ex refinance the mortgage and remove your name from the loan.
If you have further questions about preparing yourself to purchase a house after a divorce, it is a good idea to talk to CPA or other financial professional.
For more information about buying a house after your divorce, contact an experienced Minnesota divorce lawyer at Appelhof, Pfeifer & Hart, P.A.
