MIAMI, Florida. If you are considering buying a home after getting divorced, or if you are getting divorced and want to someday buy a home, take a moment to consider some important ways that your divorce could impact your ability to buy a home or get a home loan.
- Consider joint debts. How joint debts are divided can impact your credit history and ability to secure a home loan. According to Florida Today, when credit cards are shared jointly, the documentation should include information about the bank, account number, and balance, so that you can track these debts. If you are getting divorced, and your ex is found to be solely responsible for one of your shared debts, it is important to remove yourself from the account. If your ex decides to not pay the account, and you are still listed on the account, the bad mark could also end up on your credit report. Don’t take risks. If the debt isn’t yours, get yourself off the card and account. If the debt is shared, it is your responsibility to remain up-to-date on payments.
- If you plan to use child support payments or alimony to qualify for a loan, you’ll need to show proof that you’ve received the funds for at least 6 months and will continue to receive the money for at least three years after.
- Refinance mortgages if your ex is keeping the house. Keeping your name on an old mortgage could affect your ability to get another home. When the home is refinanced in your ex’s name, your liability on the mortgage will end, freeing you to make other financial decisions.
- Don’t try to buy a home before your divorce is finalized. According to S. News & World Report, you could run into trouble when applying for a mortgage. A mortgage lender will want to know how much you might owe in alimony and child support before they approve your loan. Sometimes these figures can significantly change the mortgage math. You could lose your earnest money if you fail to secure a mortgage.
- Consider whether you can afford a house. The amount of money you’ll have after your divorce will be less than the money you had before. You won’t be splitting the debts and overhead with your partner. It might be wise to sit down with an accountant or financial advisor before you move forward on a home. What may have made sense when you were married may not make sense on a single-income. You’ll also need to consider your alimony and child support debts as well.
If you are considering getting divorced, it is important to understand the many ways divorce can impact your financial life. Sandy B. Becher, P.A. are divorce lawyers in Miami, Florida who help families answer some of the tough questions that come up during this process. Our firm can help you understand what steps you’ll need to take to protect your financial health and credit. We can also help you understand what you may be entitled to receive when it comes to alimony and child support. Visit us at https://sandybecher.com/ to learn more. Making major financial decisions after divorce can be stressful, but sometimes making the right decisions while getting divorced is more important.
