Divorce and RE

5 Replies

I'm currently going through a divorce. I want to get into a duplex via an FHA loan. Is there anything I should be worried about when I purchase my property while going through a divorce? I wanted to take the loan out in my and my Co-signer's name.

Originally posted by @Kevin Izquierdo :

I'm currently going through a divorce. I want to get into a duplex via an FHA loan. Is there anything I should be worried about when I purchase my property while going through a divorce? I wanted to take the loan out in my and my Co-signer's name.

 I wouldn't do anything until your divorce is final.

Originally posted by @JD Martin

 I wouldn't do anything until your divorce is final.

What can happen if I dont wait for it to be final?

I am guessing that Jd Martin means that the property you purchase would still be considered community property.

Originally posted by @Kevin Izquierdo :
Originally posted by @Jd Martin: 

 I wouldn't do anything until your divorce is final.

What can happen if I dont wait for it to be final?

 That question might be best posed to a suitably qualified attorney.

Ask about setting up a business entity / structure to acquire the property and see if that might insulate it against being deemed community property in the divorce.

You really should be consulting with your lawyer on this matter. It also depends on which state you are in. Every state has their own laws in regards to property and splitting the assets and liabilities. At the very least Google your state laws regarding divorce and the splitting of property. Good luck!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here