Decisions regarding living arrangements are usually among the first ones spouses make after the initial divorce conversation. They have to decide how they will live before the divorce is finalized.
Buying a home is one of the choices people consider when going through a divorce. But is it a good choice?
It can complicate things
It’s legal to purchase a home when getting a divorce. However, it can complicate things. Until you have officially divided your marital property between you, you can’t be sure how much money you actually have to make such purchases. Lenders might not want to lend to you until the divorce is finalized, either, as they will then have a clearer picture of what the risk is. You also don’t want your spouse turning around later in the divorce process and claiming you used marital funds to put down the deposit to buy the place.
What are your other options?
Consider remaining at the family home or renting a temporary space until the divorce is finalized. If the former option is possible, you and your soon-to-be ex-spouse should operate from different parts of the house. For example, one of you can move to the guest bedroom.
Additionally, set healthy boundaries. Respect each other’s private spaces, agree on how to use communal spaces and discuss how to split shared expenses. If you have a child, create a temporary parenting plan. Remaining in the family home saves money and allows you to maintain immediate stability for your child.
If you choose to move out and rent a temporary space, choose a location you are comfortable in and near the family home if you have a child. This option gives you time and space to come to terms with your new life earlier.
Have you decided where you will live when going through a divorce? If you are thinking about buying a home in the middle of a divorce, gather enough information to avoid costly mistakes.
