Statistics say about half of all marriages end in divorce. Many people who split will want to buy a home to start their new life. To make home buying easier, take some key steps before and after your divorce is final. Beforehand, make sure your divorce decree spells out exactly which one of you will be saddled with which debts. By clearly defining who has what financial liability, you protect your credit in case your ex decides to stop paying bills. Remember, you will qualify for a home based on your income and based your debt and the debt you share with your ex. Pre-qualifying or getting pre-approved by a loan officer will reveal any credit problems which may have surfaced since your divorce. 

Visiting a lender early on gives you time to rectify the situation before you need to buy immediately. If you have an amicable divorce and your ex’s credit is hurting yours, he may be willing to phone your lender and explain. Your loan officer will need to see your full divorce decree. She’ll also need child support or alimony documentation. Recipients of either payments for more than a year will count that money as income. People who make those payments show them as debts. Buying when divorced has its twists and turns, but it’s a goal most divorced people achieve and it’s a great way to start fresh!