by Greg Dewar
on Thursday, July 27th, 2017 at 9:16am.
Divorce is one of the most emotionally devastating events that you can experience, and you understandably want to get your life settled as quickly as possible. Buying a new home can help you to establish new roots and get back on your feet. However, if you plan to buy real estate before your divorce is finalized, you should consider a few important points before you get started.
The Assets for the Down Payment
Simply filing for divorce does not dissolve the marriage, but assets may be divided when you are legally separated. Whether you are using cash for a down payment or to buy the property outright, you will likely need to pay out of pocket with a large sum of money. It is important to speak with your attorney about the legality associated with using funds for a real estate purchase before the marriage has been dissolved. While buying a home before the divorce is finalized is possible, you should ensure that you take all necessary steps to protect your new asset from being tangled up in the divorce proceedings.
The Division of Marital Property
Any new assets that you purchase while still married may be considered marital property, but most marital property is divided as of the date of separation. The last thing you want is for your ex to have a claim on your new property, so you will need to time your purchase to occur after your separation date. Your attorney can advise you about the best course of action to achieve your real estate goals.
Dewar Realty can help you to find the right home to purchase in Guelph, Kitchener or Cambridge after you file for divorce. Even if your divorce is not yet finalized, you can begin learning more about the market and trying to find the right community to live in as a first step. Your attorney can advise when is the right time to move forward with your home buying plans. Contact Dewar Realty at 519 222 1540 today to set up an appointment to discuss your real estate goals.