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.
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.
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.
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.
"Tori had a thorough understanding of my situation and made excellent recommendations to resolve my concerns. She was persistent on communication and handled everything in a very timely manner. I would definitely hire her again in the future if needed." - M.K.
"With Appelhof, Pfeifer & Hart, P.A., it is like having a family physician. They are all knowledgeable, thorough, comforting, and the only call I need to make for all my legal needs for many years to come. No matter what the matter, I totally trust their advice and commitment to me and my family." - J.N.
"Mary from APH Law helped me thru a difficult divorce. She and the entire staff was there for me every step of the way helping me on what to do next. They listened to what I wanted and helped me achieve what matter the most to me in the divorce settlement." - Dana C.
"I chose APH after my initial consultation with Mary. I felt my best interest would be represented. The entire process went excellent, the attorneys and staff communicated effectively and efficiently with me throughout the process as they needed to. Being new to the legal process and verbiage, they walked me and talked me through the next steps and the jargon, I felt completely comfortable and represented. I hope I never have to use legal services again but if I do I will call Mary at APH Law and know that I will be taken care of." - Jeff M.
"Divorce is a time of emotion and stress. Mary Pfeifer , My lawyer was professional and compassionate. She was very informative through the process. Her insight helped me in my decisions. She worked hard to obtain a settlement which was fair to both parties. Though, I hope I won't need her help again. It is reassuring to know a good person that is willing to help." - Rod S.
"I first came to Ms. Jacquelyn Lutz of Appelhof, Pfeifer and Hart in October of 2016. It was definitely the worst time in my life and she compassionately spoke with me about my options. Ms. Lutz thoroughly explained the laws, statutes, process and what to expect going forward. What was supposed to be one case, turned into three intricate cases that took a huge toll on me and my family. Ms. Lutz represented me in court on all three cases with a vast knowledge of the laws and how to proceed accordingly. During all three cases she kept me informed, calm, gave me resources to utilize, and (most important) gave me a realistic view of what may come next. Ms. Lutz knew each case required a great deal of knowledge and creative thinking on how to legally proceed forward with each case. My family and friends are forever grateful for the amazing representation by Ms. Lutz. I highly recommend Ms. Lutz for anyone needing or considering superb representation for any kind of family law. " - M.H.