Buying A Home: Rent To Own Financing And Divorce

You may be wondering what divorce and rent to own financing have in common. It turns out, that home financing and marital issues are so closely intertwined that many home buyers realize only to late the power of these two entities acting on each other.

This article will explore the intricacies of divorce and finance and what you need to look out for before you enter into a rent to own financing option contracts.

Before The Contract

If you are currently married and considering purchasing a home it is recommended that you sit down with your significant other and talk about finances. Unfortunately, the most common cause for divorce in the United States is financial trouble. Entering into any sort of financial situation, whether it be the rent to own option or not, without the both of you being on the same page can cause serious marital problems.

While it may not be necessary to write up a contract between the two of you in case of a divorce post home purchase, it is important that you take a look at what accounts are joined together, who pays what bills, and what the spending habits of the other spouse are.

Before you sign any contract whether it is for a home or for a car or for any other rent to own type of situation, consider the possibility of what might happen if you were to get a divorce. Perhaps this mode of thinking is not one that you want to engage in, but unfortunately divorced is very common in the United States and you must consider the financial responsibilities that you will undertake if that were to happen while you are wrapped up in a rent to own financing contract.

During The Contract

If, for some unfortunate reason, during your rent to own contract you were to suffer an unfortunate divorce, there are steps that you must take in order to protect yourself legally, financially and even emotionally.

Since divorce is so emotionally charged, your initial reaction may be to hire as many lawyers as you possibly can in order to make your spouse suffer. This is neither financially wise nor is it going to make the situation any better. As cold as it may sound, divorces become business transactions when assets must be separated between the two parties.

This often causes problems when you and your spouse have both signed the rent to own financing contract. Who gets to keep the house? Who will be responsible for continuing to pay the rent on the rent to own financing option? These are all things that must be determined, and often are determined by lawyers. While it is important to have a lawyer to help you, don’t go overboard. The financial burden associated with legal fees can be overwhelming particularly for somebody who is in the rent to own situation trying to build capital for a down payment on a home.


We certainly don’t like to talk about issues such as divorce when considering purchasing a home. Purchasing a home should be a happy moment, but it is important to plan for the future. If you are going to be utilizing the rent to own financing option for your next home purchase, be aware and plan ahead.

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