How to Buy a House After Divorce in Missouri

Hi, I’m Nicole Davis, (a St. Louis Divorce Financial Expert and Mediator) I provide divorce financial planning and mediation services to spouses transitioning divorce in St. Louis Missouri.

I’d love to talk to you today about one of the most common questions my clients ask me which is “How do I buy a house after divorce in Missouri?” There’s several items to consider before you decide to buy a house after divorce. These include the finances and emotions that go along with making this major purchase and moving from the marital home to a new home.

Finances and Buying a House After Divorce

To buy a house after divorce in Missouri, you will first need to understand the following items and how they impact your finances:

• Your new household budget

• How the purchase of your new home fits into your new budget

• How you are going to pay for your new home

• Your list of must haves  

If you are financing your new home, then you will want to be mindful of your credit history.  Oftentimes, your credit history will determine these things:

• Your ability to obtain a loan (impacting your ability to buy a house)

• The interest rate on your loan (impacting your future expenses and net worth)

• Down payment required (impacting your investible assets and future net worth)

For example, let’s say that you are required to put 20% down on a new home.  This means a $200,000 home will require you to have a down payment of $40,000.  

Consider whether or not you are comfortable putting $40,000 down on a new home.  If so, then you will need to determine where that money will come from. Will it come from liquid savings? Will you take a loan from your 401k? Or, will you need to cash out investments or part of a retirement account?

While there are many ways to make buying a house after divorce possible, all of the options have an impact on your current and long-term finances. It’s important to understand your options and the ramifications of each before making a final decision. Don’t let emotions drive your decisions…working with a qualified divorce financial planner and CDFA will ensure you are making decisions that best align with your life vision and financial goals.

Emotions and Buying a New House After Divorce

Now, I know that all of this “how to’ is helpful…here’s the thing….no one tells you that buying a new house after divorce will bring up A LOT of emotions.  These emotions can include fear, sadness, grief, and even anger.  

All of these feelings are completely normal.  Be kind to yourself…this is a very stressful time and there is no rule book telling you how to do this.  The important thing is to pay attention to these feelings and figure out what it is that is causing you to feel this way. Also, remember that your journey isn’t going to be the same as someone else’s journey and that is perfectly fine.  

By recognizing your emotions you will free up energy to focus on building your best possible life and start working on solutions.  

When my clients ask me “How do I buy a house after divorce in Missouri?” I know that this question is about much more than just the numbers and the process.  When you navigate divorce and become single again you are reimagining and reshaping your life.

Transition is likely new and unfamiliar to you. My hope for you is that it all transpires into something more wonderful than you could ever imagine.  

Contact a St. Louis Certified Divorce Financial Analyst (CDFA) and St. Louis Divorce Mediator for More Information

 Nicole Davis is an experienced St. Louis CDFA, divorce and St. Louis divorce mediator.  She works with clients navigating divorce in Missouri.  If you would like to learn more about our process and how we can assist you in making important financial decisions after divorce, then call us at 314-272-0727 or schedule a 30-minute consultation online today.