ExecutiveChronicles | Here’s Why You Shouldn’t Purchase Anything Big In Between Your Divorce | Are you contemplating a major purchase while you’re going through a divorce? Well, think again. Even in a healthy economy, spending money on superfluous luxuries during a family law dispute is not a wise move. However, when prices are at record highs and some people are concerned that a recession is imminent, it is one of the worst choices you can make. In fact, it’s often said that this is one of the largest and most frequent errors men make throughout divorce without consulting with a Newton divorce attorney. Here are 4 reasons why you could regret making your decision.
Will You Be The Owner?
It would be awful to purchase that brand-new house, car, or boat only to discover that your husband owns half of it.
States have different regulations about what qualifies as “marital property,” and hence, what belongs to both spouses. But the bottom rule is unambiguous: If you buy something before you’re officially divorced, it might also belong to your wife.
There are contracts you may make with your partner that will guarantee whatever you purchase goes to you alone if you need to make a significant purchase during your divorce. Be careful to hire a family law attorney, though.
Loans May Be Difficult
To finance your major purchase, you’ll undoubtedly need a loan, and a separation can make this process extremely difficult. For instance, if you are still married and purchasing a home, your spouse might be obligated to sign the mortgage agreement.
Additionally, it can be difficult to obtain a loan at all given your precarious financial status. Lenders are aware that you might soon be required to pay alimony or child support, or that your bank balance might be divided. Lending to you is therefore dangerous.
However, if they actually grant you the loan, it can be even worse. You can run into financial trouble if the court unexpectedly orders you to make sizable payments to your spouse.
You May Not Be Reasonably Thinking.
Divorce stress has an impact on your capacity for decision-making. And that’s another justification for not making significant purchases. You might make an impulse buy in the haste of a divorce without giving it much thought. You can make an impulse purchase in an effort to reinvent yourself and start over in life. So take a seat, think it over, and if you absolutely must purchase something, get a second opinion from a reliable source first.