For most people, a divorce represents both the end of a relationship that has run its course and the start of an exciting, independent future. Unfortunately, a newly single individual might be shocked at the financial changes that accompany the post-divorce lifestyle. When you decide to purchase a home after your divorce, there are five things you must remember:
- Finalize your divorce and any legal proceedings: You might not have a clear picture of your final financial situation until the divorce and related legal matters are completed. From support and custody to property division, it is wise to wait to begin developing your budget.
- Finalize your living situation: With a divorce, you might be selling a home or closing out an apartment lease. Like the first tip, it is wise to ensure these proceedings are complete before setting out to purchase your own home.
- Create a budget: With these financial matters settled, you can begin developing your budget. You will likely notice that some things are more expensive, and some things are less expensive. For example, you will likely spend less on the monthly grocery bill or restaurant charges. You can begin factoring these changes into your budget when you get a handle on your new situation.
- Make a checklist: If you had previously purchased a home with a partner, it is likely that the property represented wants and needs of both of you. Since the home is now yours, you can tailor that list. Perhaps a second floor was crucial to your ex, but less important to you. Getting a clear idea of what it is you want is critical in finding the right property.
- Work with the experts around you: From financial planners to realtors, it is wise to seek guidance from those who can steer you away from trouble. Navigating the housing market can be challenging and it is important that you identify someone you can turn to for honest answers tailored to your unique situation.
Building your post-divorce life can be difficult. It is important to take these big decisions slowly as you weigh the pros and cons of your financial choices. Do not hesitate to seek the guidance of a skilled legal professional.