This Online Financial Marketplace Wants You to Know These Important Steps to Buying a Home after a Legal Separation or Divorce

There is no doubt that one of the biggest and most obvious changes that a newly-separated or divorced person typically has to make after a Chicago separation or divorce is where they live. Separating or divorcing spouses typically split up not only emotionally, but physically, choosing to forgo living together during the pendency of a separation or divorce, and for one soon-to-be ex-spouse to move out, or for both to find new places to live. Indeed, while some separated or divorced individuals may decide to find new temporary living arrangements, such as long-term Airbnb rentals or apartments, some divorcees choose to dive in and buy a new home, now that they are solo. In fact, the choice is popular enough among separating and divorcing individuals, that QuickenLoans put together a step-by-step list on how to purchase a home after your separation or divorce. Here is what the experts say on the topic.

Step #1: Wrapping-Up Your Legal Separation or Divorce

According to QuickenLoans, the first step to buying a home after a legal separation or divorce is to make sure that your legal separation or divorce is finalized, and to track down a copy of the agreement or divorce order. Home-buying lenders require this documentation if you are still legally married (but are separated) in order to purchase the home.

Step #2: Take Stock of Any Other Properties

After a legal separation or divorce, your name may still be on the deed of a home, even if the home was awarded to your ex-spouse or you agreed to give your ex-spouse the home. It is important to remove your name from the deed of a home that was awarded to your ex-spouse because it relieves potential responsibilities you may have if you are listed on the deed.

Step #3: Separate Your Finances from Your Exe’s and Check Out Your Credit Score

Once you have a divorce decree or order in hand, it is important to separate your finances apart from your ex-spouse’s, especially if your ex-spouse was no good with money. Your credit score can be impacted by your ex-spouse if your finances are not untangled, which could impact your ability to purchase a home.

Step #4: Set a Budget Based on Your Obligations

A divorce decree or order will set forth any financial obligations you may have to your ex-spouse. These responsibilities could include alimony payments or other financial responsibilities, like child support. Know what you are required to pay in order to determine your home-buying budget.

Final Steps: Mortgage Pre-Approval, Selecting an Agent, and Closing

The final home-buying steps are much the same for non-divorced or legally separating individuals as they are for those who are legally separated or divorced. However, if you have questions about home buying after a legal separation or divorce in Chicago, it is important to speak with a Chicago divorce lawyer about your specific case. The experienced Chicago legal separation and divorce lawyers at the law firm Birnbaum Gelfman Sharma & Arnoux, LLC are here to help Chicago residents with their legal separations and divorces. Contact Birnbaum Gelfman Sharma & Arnoux, LLC today and speak to an experienced lawyer about your rights and options now.