buying home while separated

[cdunnin2]

What is the name of your state? NC
I was awarded a divorce from bed and board and have primary custody of my two children. However, the divorce is soon to be final and I must move out of the home with the children by a certain date as part of the agreement. (The home was my spouses prior to marriage and my name was never placed on the home) I will also not receive any settlement monies until two months after vacating the home. Never the less, I would prefer to purchase instead of rent. Since I have a fast approaching deadline to vacate, I would like to start the process of buying now. If the purchase is final before the divorce is that part of marital property?

 

[mistoffolees]

What is the name of your state? NC
I was awarded a divorce from bed and board and have primary custody of my two children. However, the divorce is soon to be final and I must move out of the home with the children by a certain date as part of the agreement. (The home was my spouses prior to marriage and my name was never placed on the home) I will also not receive any settlement monies until two months after vacating the home. Never the less, I would prefer to purchase instead of rent. Since I have a fast approaching deadline to vacate, I would like to start the process of buying now. If the purchase is final before the divorce is that part of marital property?

If you have filed for divorce and then buy a house (it's not clear where you are - first you said you were awarded a divorce and then you said it wasn't final), it will not be considered marital property. If you have not yet filed for divorce, it will probably be considered marital property.

However, if you can find a convenient short term rental, it might be preferable for 2 reasons:
1. A lot of people make mistakes with major purchases and life decisions while going through a divorce. It's generally better with a cooling off period.
2. Until the divorce is final, anything can happen. My situation was similar to yours and I almost purchased a house, but I'm glad I didn't. All through the negotiations (including getting about 90% of the issues settled in mediation), my ex was to keep the house and I was to receive assets compensating for my share. At the last minute (almost literally), she said she didn't want the house, after all, but it would be too traumatic to my daughter for the house to be sold so she wanted me to take it. I actually got it for a great price, so I was happy to keep the house. If I had already purchased my new home, it would have been a mess.

 

[LdiJ]

What is the name of your state? NC
I was awarded a divorce from bed and board and have primary custody of my two children. However, the divorce is soon to be final and I must move out of the home with the children by a certain date as part of the agreement. (The home was my spouses prior to marriage and my name was never placed on the home) I will also not receive any settlement monies until two months after vacating the home. Never the less, I would prefer to purchase instead of rent. Since I have a fast approaching deadline to vacate, I would like to start the process of buying now. If the purchase is final before the divorce is that part of marital property?

It is NEVER a good idea to make a major purchase of that nature prior to a divorce being final. Not only do you have the potential problem of it being considered to be marital property, but many people who do that end up buying more than they can realistically afford.

 

[penelope10]

It is NEVER a good idea to make a major purchase of that nature prior to a divorce being final. Not only do you have the potential problem of it being considered to be marital property, but many people who do that end up buying more than they can realistically afford.

I live in TX which is a community property state---don't know about NC. My ex and I went through a similar thing. He bought a new home prior to the divorce being finalized. I went to the title co and signed paperwork stating that I was not a party to the loan. However, my name still appeared as the co owner of the home on the deed. I had to sign an additional quit claim to have my name removed.

Going through a divorce (even when parties are in agreement) can be a very emotional time during and sometimes afterwards. I would rent rather than buy right now to avoid potential problems, but that's just IMO.