While you are trying to come to terms with the emotional effects of the divorce process, you also need to worry about the daily changes in your life. Part of that daily change includes finding housing in Maryland. While you can purchase a home during this time, there are certain factors you must consider.
Decide how much you can afford
One of the most difficult aspects of buying new property during a separation or divorce is figuring out how much you can afford. You will need to consider all of the following financial factors:
• Your income
• Your ongoing costs
• Attorney fees
• Potential child support
• Potential alimony
• Ongoing payments for marital property
Consider a quitclaim deed
A quitclaim deed relinquishes any right your spouse might have to the property. Quitclaim deeds help protect the property you are buying from being considered a marital asset that needs to be divided between you and your spouse during the divorce.
Gain court approval of sale
If you are planning on using assets that were obtained during the marriage, you may need to gain the court’s approval. This approval grants permission for you to purchase a new home during the divorce using marital assets. If your spouse refuses to sign a quitclaim deed, court approval may also be a way to purchase a home.
Acknowledge your spouse’s rights while protecting your own
During the divorce, much of the disagreement may be spent on dividing up marital assets. If you rush out to buy a new home, the court may believe you are squandering assets that need to be divided. Cooperation can make buying a new home during divorce go more smoothly.