Owning a house remains a vital goal of many married couples. A paid-off home could establish the bulk of a couple’s net worth. However, homeownership becomes complicated for Virginia spouses when they file for divorce. Divorce negotiations may heavily focus on what happens to the home. Another complex situation may arise, though. Perhaps one or both divorcing spouses wish to purchase a new house. Some may wonder whether to wait until the divorce proceedings end first or if they should buy a home during the divorce process.
Ideas about buying a home when divorcing
Waiting until the court finalizes the divorce agreement may require waiting longer to purchase a home, but the process could become less confusing for the buyer. Once the marriage ends, it is legally over. All finances between the ex-spouses become separate. However, issues from the divorce settlement may affect the homebuyer’s life.
Making mortgage payments on an expensive home could be difficult when paying a specific amount of child support and alimony. A recently divorced spouse may benefit from reviewing his or her financial situation. Doing so may help avoid foreclosure by leading the buyer to a more affordable house.
Matters to consider during divorce
If someone intends to buy a home when separated but not divorced, he or she may need to take deliberate steps to avoid financial troubles Perhaps providing evidence to the court before the divorce agreement is finalized would influence support or alimony amounts, among other decisions.
Keeping detailed financial records of any transactions that occur after the separation but before the divorce is advisable. Such documents could be vital when presenting the court with information related to costs and responsibilities.