Is it possible to buy a house before your divorce is final? This is a complex question with a complex answer. Before you can answer this for yourself, there are a few components that need to be looked at first. Continue reading to discover the requirements for a situation as unique as this. If you require assistance with your divorce, it is essential that you reach out to an experienced divorce attorney who will happily answer any questions you may have. Give our firm a call today to learn more about our services and how we can assist you.
Attempting to purchase a house before your divorce is finalized may cause a problem when it comes to deed requirements. Since you are technically still married, a new home may require you to have both party’s names on the deed. This will depend on the state’s requirements. To transfer full ownership to the other party after the divorce is final, you may need to complete a quitclaim deed. A quitclaim deed removes all required interest in the home. It is possible for a new home purchased in the middle of a divorce to still be considered a marital asset.
In order to be pre-approved for a mortgage, the division of assets will need to be determined so that you are aware of your spending power outside of your marriage. Your division of assets will tell the lender who is responsible for what in a divorce as well as your qualifying debt to income ratio. It is possible if you are dropping to a single-income earner for this to reduce your purchasing power for a home.
The court may view a new home purchased during a divorce as an asset if the opposing party does not sign away their right to ownership. This investment may affect the way the court splits assets and marital debt.
In order to work through these complications, it is essential that you reach out to an experienced divorce attorney who will work through these issues to avoid legal complications. Reach out to our experienced divorce attorney today to learn how we can assist your upcoming divorce. If you have any further questions regarding purchasing a new home before finalizing your divorce, do not hesitate to give our firm a call.
Contact our experienced Bergen County firm
At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.