Tips for buying a home after a divorce

| May 13, 2020 | Divorce

When a couple gets divorced in Indiana or any other state, they will need to come to an agreement regarding what to do with their shared home. In some cases, they may decide to sell the property and split the proceeds from the sale. Alternatively, couples may choose to sell the home at a later date when market conditions may be more favorable. Home sales may also be deferred if a couple has children who may benefit from remaining where they are.

Individuals who want to keep the family home can pursue sole ownership of it as part of the final divorce settlement. Those who do want to keep the house will first need to show that they can afford to do so. In addition to making mortgage payments, a person will need money set aside to pay for repairs or other related costs.

A person who decides that he or she can afford to purchase the house will need to decide how to pay for it. For example, someone can use money in a savings account to make a down payment on a new mortgage. An individual may also choose to sell belongings or ask friends or family members for a loan. Finally, a home equity loan might allow a person to finance the purchase of the marital home.

In a typical divorce, most marital assets are subject to being divided as part of the final settlement. However, this may not be true if a couple has signed a prenuptial agreement. Assuming that the prenuptial agreement is valid, it will determine which assets may be split or how they may be divided. An attorney may review such an agreement or take other steps to help a person obtain a favorable final divorce settlement.

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