If I am separated and decide to buy a new home before the divorce is final, is that property considered
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If I am separated and decide to buy a new home before the divorce is final, is that property considered
Domestic abuse is involved. It’s cheaper to buy than rent where I live.
Asked on May 22, 2018 under Family Law, North Carolina
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Even if separated, any property acquired during marriage is still considered to be marital property, absent a legal separation agreement to the contrary. Accordingly, you should wait to purchase a new home until your divorced is finalized.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Yes: separation is not divorce--you are still married. Any real estate purchased during marriage may be considered marital property. Even if it's economically a better idea to buy than rent now, don't do it until the divorce is final: paying a premium (so to speak) for a place to live is worth not having new home involved in the divorce.
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