Going through a divorce is tough enough, but once the dust has settled, there’s another potential obstacle to contend with: buying a house. One of the biggest benefits of owning a home is the equity that builds up over time. However, after a divorce, that equity is usually divided between the two parties.
This can leave both spouses cash-strapped and in need of financing. What’s more, divorce can have a negative impact on credit scores, making it harder to qualify for a mortgage. And even if you are able to secure financing, the process of buying a home can be fraught with emotion, especially if you have children.
Fortunately, there are steps you can take to make the process as smooth as possible. For instance, try to keep communication open with your ex-spouse, work with a real estate agent you trust, and be realistic about your budget. By taking things one step at a time, you can achieve your goal of owning a home after divorce.