Question:
I am going through a divorce and we just sold our old house. I have been thinking about buying a new house. Should I wait to buy a new house until my divorce is finalized or is it OK to buy now since we’re already in the divorce process? I don’t want my new house to become marital property though.
Answer:
DO NOT do anything before you discuss this with an attorney in your state. Each state has different laws governing marital property and assets acquired during the pendency of a divorce. I do not practice in Colorado. However, Cordell & Cordell has many attorneys licensed and located in Colorado who would be happy to help.
The appeal of home prices in this economy coupled with the home buyer credits that are available are very enticing. But many states divide assets as they exist on the day of the divorce which would mean the house would be half hers. You may be prohibited from incurring any debt (a mortgage) or liquidating any assets (downpayment) during the pendency of the action. As such, you should contact a domestic litigation attorney licensed in Colorado right away.
Erica Christian is an Associate Attorney in the Milwaukee, Wisconsin, office of Cordell & Cordell, P.C. She is licensed to practice law in the state of Wisconsin. She is a member of the Wisconsin Bar Association, the Family Law Section and the Children’s Law Section.
