Some El Paso residents may want to buy a home after they go through a divorce. Others may want to keep the family home. Both of these processes may become difficult after a divorce.
There are a number of points a person should consider as well. These include the home's value, whether the person is employed, the person's income, whether the person is paying or getting alimony, how cooperative the person's spouse will be, and if there is enough money for a down payment. It may help to consult a mortgage specialist.
One potential issue is how income is calculated. Lenders usually require a person to receive several months of alimony before it can be counted as income. A person who has not worked outside the home might reenter the workforce with a part-time or commission-based job, but a lender might require two years of tax returns showing this income for it to count. Bonuses also may not count toward income. A person's credit rating may also be an issue. During the divorce, the person might have fallen behind on bills.
It is also important for a person to calculate costs like utilities, upkeep and taxes on a single income when deciding to keep the home or buy a new home. Property division may also involve dealing with other items besides the house. Since Texas is a community property state, most property will be considered shared marital property if it was acquired after marriage. This is true for debts as well. People should be aware that even if they agree to split debts or for one spouse to take responsibility for them, creditors may still pursue both spouses for the debts.