If you and your spouse decide to get a divorce in Texas, you must consider several factors. One of them includes where you’ll live. This solution can be tricky if you’re going to purchase a home, as doing so requires you to understand the legal and financial hurdles you face.
Do you reside in a community property state?
Texas is a community property state, meaning you must cooperate with your spouse when purchasing a new home before the divorce. Under the law, they will have ownership too. Having them sign a quitclaim deed transfers all interest to you. Understandably, it can make purchasing a new house challenging if they don’t want to sign.
Create a plan
If you have a cooperative spouse who will sign a quitclaim deed, creating a plan for buying a home when getting divorced is essential. You’ll need a down payment, a decent credit score and little debt to qualify. The next step is to determine how much you can afford. Looking at your income and estimated monthly mortgage payments can give you a rough idea.
Get help from a real estate agent and mortgage lender
When you have the money needed for a down payment, it can help you to use a real estate agent. They frequently access the marketplace, giving valuable insights into what’s available. You also need to find a mortgage lender. It’s best to shop around for low rates, making it easier for your housing expenses to fit your budget.
Wait for your divorce to be finalized
After finding a suitable home, you may want to wait until your divorce is finalized to purchase it. Buying a home while still married can be challenging as it may be considered marital property. Waiting ensures you are the sole owner.
Understanding the process of purchasing a home when you’re getting divorced is crucial. Being patient and waiting to get divorced first is usually best to ensure you avoid any ownership problems.