Recovery

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Buying a Home After Your Divorce? Four Financial Facts to Know Now

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Many people plan on buying a new home people after they have moved out of their marriage. They find the exact place to start their new life and begin the process of qualifying for a mortgage…only to find out they don’t qualify.

Going from a marital partnership to an independent life turns finances upside down. The uncertain times during negotiations often result in everything related to money being put on hold until the settlement has been drawn up and approved. This is where some people get in trouble.

Here are 4 things you must know while you are working things out with your spouse, or even before, to put you in the best position to acquire new debt when you are on your own.

5 Critical First Steps to Take After Divorce

Recovery from divorce takes time. How much time depends on a lot of factors: the length of your marriage, the issues leading to the divorce, and your own personal psychology. But for most people it will take two to four years to get through it all. The adjustments come as a shock at first, and then fade over time until you look back and say, “Wow…I feel normal again.”

It is important to take this period of recovery to do all the things you need to get your life back on track…especially right after your agreements are approved by the court.