Arnel Law Firm
Free Consultations 347-966-7378
Experienced Family Law Guidance And Advocacy Since 1983

Clear property separation helps New York exes move ahead

Establishing a new life after divorce involves one or both former spouses finding a new place to reside. While New York spouses sometimes choose to find temporary accommodations during separation and divorce proceedings, many individuals eventually want to purchase a home.

Divorce adds complications to finances. Couples who once shared everything struggle to become independent by disentangling assets and bills. Former spouses who most likely built a marriage on two incomes transition to individuals who live separately on single incomes.

Divorce settlements and decrees do not always sever financial ties with a former spouse. Spousal finances are sometimes intertwined for years after a marriage ends. Joint assets and support payments affect individual credit worthiness, which, in turn, can influence a mortgage loan decision.

Alimony and child support enhance the income of support recipients and diminish it for payers. Mortgage lenders require loan applicants to supply details of a divorce settlement including proof of support receipts or payments. It is common for lenders to ask for evidence of six months of past support along with a guarantee the support will continue for at least three years.

Some former couples continue to co-own marital property or share other financial obligations after divorce. Just because one spouse agrees to take over mortgage payments for a marital property does not mean the other spouse is released from financial responsibility.

Mortgage lenders will approve loans to divorced individuals attached only by name to a former marital home, provided there is solid proof the spouse with the property regularly pays and continues to pay the mortgage. Lenders will not take kindly to borrowers who maintain a joint bank account with an ex to make the marital home mortgage payments.

The clear separation of property during and after divorce is a benefit for both former partners. Divorce attorneys encourage clients to divide property cleanly so ex-spouses can move forward with a clear financial slate.

Source:, "Is Divorce Keeping You From Buying a Home?" Scott Sheldon, Jun. 21, 2013


Email Us For A Response

Contact The Firm

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Arnel Law Firm

26 Court Street
Suite 1012
Brooklyn, NY 11242

Phone: 347-966-7378
Fax: 718-875-8951
Brooklyn Law Office Map