Open Question: Buying a 2nd home during divorce?

[Administrator]

Me and my wife are going through an amicable divorce. We bought a house jointly 1 year ago while we were together but now that we're getting divorced we are going to need separate residences. Our plan is to buy another home jointly now that housing prices are so low instead of one of us having to rent. We're looking into something cheap $60K and under. And once the economy goes back to normal hopefully in a few years, we can either sell and split the profits or refinance and split with the other person any equity earned. I don't know much about the housing market so I was wondering if anyone can offer their point of view about this idea or give any advise. I'm doing it mostly for her because with her income alone she may not qualify to buy on her own and compared to the mortgage on a $60K house renting can be more expensive so why throw away the money. We live in CA in case it matters.I want to add that I'm looking at it from the business perspective also. With the housing prices today I believe that I can make a good profit when the economy goes back to normal in a few years. I would of course have some type of legal contract in place that would obligate the other party to keep their end of the agreement. I just think that buying together gives me a better chance of qualifying than if I did it by my myself. How would this be different from a joint venture between investors or 2 friends or relatives?

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