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Should you buy a home while getting divorced?

On Behalf of | Jun 21, 2022 | Divorce |

Getting divorced is a major undertaking, as is buying a home. If you are in the divorce process now and are considering the purchase of a new home, tread carefully. This may not be the time to purchase real estate. However, it is not entirely impossible to buy a new home even as you await your settlement. A lot will depend on your finances as well as the state laws in North Carolina.

You can use a court approval of sale

If you plan to buy a home even as you divorce, you may first need to obtain an official court approval of sale, which is special permission to buy a new home. This type of permission will normally be required if you are planning on using some of your marital assets to buy this new home.

It’s a good idea to confer with a legal expert in order to ascertain whether this type of court approval will be needed. Under no circumstances should you try to buy a home secretly, especially with cash. This is a situation that may result in making false statements on court documents, with obvious penalties.

It may be hard to get a loan

Trying to buy a new home while in the middle of a divorce can lead to a great many complications. It may be hard for you to qualify to get a home loan. If you were a family with two incomes, divorce will reduce you to only your own. It may be easier to try to first split the value of your existing home.

You may be able to come to an arrangement with your former spouse, such as a quitclaim or interspousal transfer. This will get you the funds you need to buy a new home.