Family Law Attorney Focusing on High Asset Divorce Service in Houston, Texas

Can Alimony Help Me Buy A Home?

TexasSpousalSupportA new life, with new hopes and dreams awaits you on the other side of divorce, but those possibilities often feel daunting. You don’t know what your new lifestyle will be, and sometimes you don’t know how you will afford it. If you were the low-earning spouse in the relationship, then you might find the prospect of getting a new mortgage frightening, but you are not out of options, and what you can do might surprise you.

Can Alimony Help Me Buy A Home?

Alone, alimony—or spousal maintenance as it’s called in Texas—is not enough to solely support you or buy you a home. Spousal support is meant to give you an extra boost while you work out new earning arrangements or establish a new lifestyle, but that doesn’t mean it can’t take a bigger role in establishing your new life. Many people don’t realize that alimony can be claimed as income when they fill out the application for a mortgage. This can come in handy for the recently divorced who may not have earned as much as their spouse did when they were married.

How Spousal Support Can Get You A Mortgage

If the judge ruled that you needed spousal support, then that allowance can be used to boost your chances of getting a loan for a new house, but there are conditions that you will need to meet. Banks are naturally mistrustful institutions, and they will want to know that their investment in you will pay off. So, your lender will probably ask to see your divorce decree to make sure you really do collect alimony, but that’s not the only information they are trying to check on.

What Lenders Look For In Your Divorce Decree

Your lender will examine those documents to determine how long you will be collecting alimony. If you only collect spousal support for a short time, then you might be a risky investment because there is a smaller possibility of you getting a college degree or finding a job that pays better. However, if you are going to collect support for at least three years, then you will look like a much better investment to your bank.

The results of divorce can often be unexpected, but they can also be helpful as well. To learn more about the unexpected benefits of divorce, keep following our blog, and if you have other divorce questions, don’t be afraid to ask them on Facebook or Twitter.

By | 2016-05-12T10:31:45-05:00 May 20th, 2016|General Family Law|0 Comments

Leave A Comment