When spouses divorce, they often struggle with figuring out how they will afford the mortgage on a single income. Whether you are taking on an existing mortgage or plan to secure a new one after your divorce, there are several things you can do to make the process easier to manage.
Get Advice from Professionals
When it comes to managing major finances like a mortgage, you need to be informed and prepared. That is why you should seek professional guidance to discuss interest and refinance rates, as well as your options if your ex bought you out of your home. The more you understand about mortgages, the more time and money you will be able to save throughout the process. A professional can also advise whether you should remove yourself from certain joint accounts or stay involved in the accounts until they are totally dissolved to ensure your credit is protected and your score improves.
Know Your Budget
You need to become familiar with your new financial situation before you take up a new mortgage. It takes time to adjust to living with one income instead of two, which means you most likely will qualify for a smaller mortgage if are the only borrower. However, other sources of income like child support and alimony will also impact your approval and allowance.
Finalized documents like the divorce decree are necessary if you are trying to secure a new or revised mortgage. You will also need the divorce decree to change other important documents, such as your driver’s license or Social Security. Make sure you keep these documents in a safe location and make copies just in case you lose the originals.
Reconsider Your Habits and Lifestyle
Re-evaluate your spending and saving habits and find new ways to consolidate your current debt to take control of your financial situation. This means you need to be realistic about whether taking on a mortgage might be too much to handle. If you do decide to purchase a new house, do your best to search within your means and consult with a knowledgeable realtor for guidance.
Consult with Our Compassionate Divorce Attorneys
At Myers Family Law, our attorneys possess years of experience and are here to help with all types of divorce matters in California. With the help of a skilled lawyer, you may be able to get through the process more quickly and efficiently. Working with our efficient and reputable lawyers can also help ensure that your unique legal goals are met.