For many who have gone through a divorce, the financial struggle may take years to overcome. However, the mere fact that a Georgia couple has filed a divorce does not mean that they will be barred from making substantial purchases, such as the purchase of a home, in the near future. There are some steps to be taken, which can ensure that the new home an individual wants will still be well within reach after the divorce has been finalized.
It is essential to provide as accurate of a picture as possible when filing out a mortgage application. Many underwriters for a mortgage may require that they be given a copy of a finalized divorce decree in order to assist them in their analysis. This may be a requirement even years after the divorce has been finalized.
Support paid or received as a result of the divorce may also be calculated. However, there may be certain term minimums for these payments. It is also important to ensure that any mortgage responsibilities regarding a former marital residence are cleared up before applying for a new mortgage.
Although the filing of a divorce may seem like a daunting task for many Georgia residents, this process may not have as many negative ramifications as one may think. By ensuring their rights are protected and by working to reach an equitable resolution, the commencement of a new life may be well within reach. In the long run, this resolution will ensure that all parties are protected as they continue in the execution of their new plans, free of the constraints that they were previously under.
Source: Fox Business, "Is Divorce Keeping You From Buying a Home?" Scott Sheldon, June 21, 2013