Once you know you are going to get divorced, planning for the future is only natural. Scheduling activities with your kids, deciding how to divide your personal belongings, and finding a new residence can all begin happening well before an Illinois divorce is finalized. But what happens if one parent moves out of the marital home and does not want to rent? Is it possible to purchase a home before a divorce is finalized so you can make the transition to life after divorce as easy as possible? Read on to find out.
Is it Legal to Buy a New House Before Divorce?
There is no law against buying a second home under your own name while you are still married. However, there are several reasons why doing so may not be a good idea. These include, but are not limited to:
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Dissipation claims - Using marital funds for reasons that do not benefit the marriage can expose you to asset dissipation claims. Even if such a claim is untrue, it can be expensive and time-consuming to argue that you did not dissipate marital assets when buying your home.
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