Use Caution- Willl the New Home be Marital Property

by Joan Rogliano

Realtors love to sell homes, so it was great to receive a phone call on one of my listings from a caller who was very interested and wanted to see the home right away. He wasn’t working with a lender so I suggested one and during that conversation he revealed to the lender he was transitioning through a divorce, which was not yet final.

This was an immediate red flag, as in most states, a home purchased prior to a divorce being final is considered marital property. He did not have an attorney so was completely unaware of this situation and the predicament it would create.

The next stop was a referral to a family law attorney to help him understand his choices and the best way to proceed. It is possible to purchase a home prior to a divorce being final provided the right legal steps are taken to define who will have ownership post divorce.

Buying a home prior to the final divorce decree CAN be done, it just needs to be done correctly, so please share this information with anyone you know who plans to buy a home before their divorce is final. It will save them a lot of pain and expense.