During a divorce, one or both parties usually “moves out” of the family home during or after the proceedings. Financial constraints associated with the proceedings may sometimes prevent people from outright purchasing a home, as they may not have enough liquid assets to make the down payment and subsequent mortgage payments. However, this is still a possibility and is worth looking into for those of us with the financial ability to do so.
The first and foremost concern that comes with buying a house while going through a divorce is that, in Texas divorce law, real estate purchased during the divorce are still considered to be community property.
Any funds that were acquired during the marriage are considered to be partially owned by both spouses, and to buy a house, your spouse will need to be present to sign off on the closing and give permission for the funds to be used to make the purchase.
Of equal worry is the possibility of alimony and childcare payments. The house will have been purchased, and the mortgage agreed to, based on the buyer’s current financial situation. If the divorce has not yet been finalized, then this financial situation is subject to immediate and significant change upon the case’s settlement.
In other words, you may be buying a home you won’t be able to afford come six months from now.