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What to Keep in Mind when Buying a House While Getting a Divorce

Byadmin

Jan 21, 2022


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Getting a divorce is emotionally straining and puts a significant dent in your finances and property ownership. Your wilmington divorce attorney will advise you to make a purchase when the divorce is finalized; however, this does not mean you cannot purchase a house while getting divorced. As long as you have proper advice, the purchase will not impact you later on. The attorney will help you through the process to ensure you don’t act with emotions. The following are the things you must know about purchasing a house while getting a divorce:

Obtain Court Approval

To protect your new investment, ensure to get approval from the court. Also, you can draft an agreement with your spouse that indicates you are purchasing a new house with their knowledge and consent. Ensure the agreement also indicates the willingness of your spouse to wave any marital interest in the property.

Buy the House with Your Own Funds

To have the house entirely yours, it has to be purchased with your own funds. Do not use marital savings to buy the house during the divorce. If you have placed money in a joint account with your spouse, speak with a lawyer first before you use that money to buy the house. Your lawyer will help you lay a legal claim to that funds.

Consider the Date when you Separated

The legal date of separation is the date you both agree on. Closing the deal for the house before the day when you are legally separated can make the property marital even if you used separate non-marital funds to buy it. The date of separation can be the day you moved to a different residence or when one of you declared the end of your marriage. Your lawyer will surely consider this factor before they give you a green light on the purchase.

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