Each divorce is unique and the documentation needed will vary based on the circumstances.
In addition to the standard mortgage financing documents like, tax returns, W2’s/1099’s, pay stubs, and bank statements, the most common documents needed in a divorce lending situation include, but are certainly not limited to:
Understanding The Divorce Decree
Executed copy of the final divorce settlement agreement, also know as the divorce decree. It must be signed by all parties, including the judge, and stamped by the court. The settlement agreement is needed to document any court ordered assignment of debt and/or any income like maintenance or child support.
Final order for support. This document is available from the Friend of the Court, and documents how much support is being paid/received. This document is updated whenever there is a change to the support order. If your support amount(s) have changed, the new order of support will be required.
Sometimes proof of age for the children for whom support is paid is needed, if it is not present with the final divorce settlement agreement, or on the order for support, to be able to document the support is satisfying the continuance requirement of 6 months receipt and 36 month continuance. A copy of their birth certificated may be requested.
This is just one piece in the puzzle that is divorce and your mortgage. Others will be covered in future posts in the series. If you have any questions about the documentation needed when applying for a mortgage post divorce, or if you are a family law attorney, in Michigan, and would like more information about how I can be of great value to your divorce team, please contact me. And if you have anything to add about the documentation needed, as it relates to divorce, please leave a comment. For more information contact us today!