When you ink your name on all the papers and get a loan to buy a house, your mortgage payments will typically last 30 years. And when you sign all the papers and get married, you expect the relationship to last a lifetime.
But not everything works out the way it is described in the fine print. People often sell houses long before the 30-year mortgage is ever paid off and marriages sometimes end in divorce while both halves of the couple have lots of life yet to live. Forbes says the two long-term commitments (marriages and mortgages) are linked and that it makes sense to think about your relationship status as you ponder a trip to the bank for a loan.
Married couples might have the best chances of landing a mortgage at good rates. They often have two incomes to present to the bank for consideration, which helps with the important debt-to-income ratio.
Of course, being tied to a spouse who has a poor credit score can hurt chances of landing a loan, attractive or otherwise, so Forbes counsels readers not to assume that marriage by itself secures favorable loans.
Divorce can present challenges in securing loans, especially if your credit score was damaged in the process of dividing jointly held property (typically the marital home). To avoid that possibility, Forbes says it is important to work with a family law attorney. Your lawyer can help you develop a protective property division strategy.
This can be especially important in contested divorces and in divorces involving significant assets and property. You can discuss the details of your situation with an experienced Anne Arundel County attorney.