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Keeping a home or buying a new one after divorce

Some people in New Jersey who are getting a divorce might want to buy a house or keep the home they are living in. They may need to apply for a mortgage or might need to refinance the home. However, the post-divorce financial situation might make this difficult.

One reason is that people may be unable to qualify for a mortgage on a single income. This could mean it is necessary to have a cosigner. A person's credit rating may have suffered during the divorce. There are also a number of questions people should consider. These include whether they are getting or paying alimony and child support, what their income is, and what the house could be appraised at.

Another challenge is how income may be calculated after the changes of a divorce. Alimony payments are usually not counted by lenders as part of income until they have been regular for several months. Some types of income, such as part-time income, commission-based income and bonuses, may need to be reported on tax forms for two years before a lender will accept them.

When people get divorced because of irreconcilable differences as opposed to because of issues in the marriage such as domestic abuse, they may be able to negotiate property division. Even if there is some conflict between the couple, mediation may be one way they can reach an agreement. Mediation usually aims for both spouses to cooperate on a solution that benefits both of them as opposed to the more adversarial atmosphere created by litigation. Litigation may be more time-consuming and expensive and end in an outcome that does not satisfy either party.

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