A marital home may have a lot of sentimental value to a California resident. It may have even more perceived value to parents who are looking to provide a sense of comfort for their children. Therefore, in a divorce, their first thought may be to either ask for the house in the settlement or buy it from the other spouse.
However, this may not be the best course of action. This is because it may be difficult to gather the money for a down payment or meet other mortgage criteria. For some, this is because they will have to make child support or alimony payments. For others, it is because they may need to receive spousal support for six months before it counts as qualifying income. It is also possible that a person’s credit score is damaged in a divorce.
Those who want to buy a house soon after a divorce are encouraged to research available loans and lending criteria before applying for a mortgage. Ideally, a person may be best served by buying a marital home from the other spouse and refinancing it. Regardless of how a loan is acquired, individuals are advised to exercise caution as it can be harder to get out of a mortgage than it is to get out of a marriage.
When a parent relocates, it may play a role in child support, child custody and other related matters. As a general rule, a judge will rule in the best interest of the child when deciding parental rights issues. It is sometimes better to negotiate this type of an arrangement rather than have a court decide.