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Can I purchase property while in the middle of a divorce?

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Buying property during a divorce can get complicated in Mason. Many people choose to wait until after their divorce situations are finalized to avoid possible entanglements that could interfere with their purchase decisions. There are situations where it is necessary for people to buy cars and houses so they can continue to live their lives as they move on from their ending relationships. Whether you are thinking about filing for divorce or currently in the midst of proceedings, take some to educate yourself on the matter before you make any purchases.

Legal separation and divorce

If you are legally separated from your spouse, then you may find it a bit challenging to get approved for a mortgage or car. Most lenders tend to treat people who are legally separated but not yet divorced like they are still married. If your financial situation is where you can comfortably afford to finance a vehicle or take out a mortgage without your spouse, then all interest in those assets belong entirely to you. However, if your spouse is a joint applicant on any assets you purchased during the separation period, then he or she has a legal right to it.

If you are waiting for the courts to finalize your divorce, then you should keep documentation of any agreements you and your former partner have regarding your assets and future major purchases. You should also keep copies of all documents you obtain from those transactions.

Equitable distribution rules apply

The courts could use the rules of equitable distribution to give your spouse his or her fair share of those possessions. For example, if you purchase a vehicle with your spouse as the joint cosigner, he can either receive compensation from you for what the courts deem is his or her fair share of it. Or, he or she could receive the vehicle and assume all responsibility for it and you receive the compensation. Other factors that can affect the outcome of this type of situation include if the purchase was made with cash, credit or financing and its value.

You should remember that all assets and property that either party in your marriage acquires are subject to equitable distribution. This includes items purchased and received during your separation. It is a good idea for you to obtain a legal separation agreement that clearly outlines the distribution of all assets. You should also carefully consider waiting to make any major purchases that qualify as joint assets, or you risk having your soon-to-be ex-spouse question whether you are hiding information, finances and other assets.

Matters involving property division and divorces are often complicated. If you are thinking about purchasing a major asset before the ink is dry on your divorce decree, you should speak to an attorney about your situation to learn about your options.

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155 W. Maple St.
P.O. Box 316
Mason, MI 48854

Phone: 517-833-4196
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