Where you will live after you and your spouse decide to get a divorce is a major concern. Buying a new home may be one of the options you are considering. Understandably, it allows you to have an immediate fresh start and maintain stability for yourself and your children if you have any.
But can you do so?
Legally, you can
You can legally buy a new home when going through a divorce. The crucial question is, should you buy one?
Buying a home before your divorce is final can be complex. New York is an equitable distribution state. So, any property purchased by funds/property obtained during your marriage can be considered marital property. Consequently, it can be subject to property division.
If you purchase a house and the funds you use for the down payment or mortgage were acquired during your marriage, your soon-to-be ex-spouse may have a claim to part of your new home.
Additionally, New York imposes automatic orders in matrimonial actions. This financial freeze takes effect immediately upon the plaintiff filing the summons and immediately upon the defendant being served with the divorce papers.
With these orders, a spouse is not generally permitted to sell, transfer, hide, encumber or otherwise dispose of any marital assets or separate property without written consent from the other spouse or a court order.
Therefore, if you want to buy a home before your divorce is finalized, you should obtain written consent from your spouse or a court order. And to protect yourself, ensure that you use demonstrably separate property/funds, such as pre-marital assets, specific inheritances and income earned after the divorce filing date.
Buying a home when getting a divorce may expose you to certain complications. Consider getting more information about the best way to approach it and other living arrangements by seeking legal guidance.