To make sure that you are covered, seek legal counsel on marital property law FIRST and just don't move to quick. A great deal in today's market, just might be an even greater deal 6 months from now.
David Cooper. Bank Owned Foreclosure Investor in Bank Owned REOs with Cash Flow. email or call for FREE daily list. +1-7024997037 not a real estate agent
There are many details to be considered in your case that I would highly recommend you consult with an attorney on this. There may be a way to do this if you are able to show your money was always separate and that the divorce process was already started at the time you put an offer on a house. However, as Todd mentioned below there can be a lot of tricky areas here that really only an attorney can help with.
I am a Realtor in the Portland area. Please do not hesitate to contact me if you need anything or have additional questions. I would be happy to help you.
It depends on the laws in your state. Where I live in Arizona, it would be as simple as having the soon to be ex wife sign off on the deal that she has no interest in the property and that you are going to own it as your sole and separate property. Before you do that, consult with your divorce attorney because if you buy an income producing property, that might effect your income for the purpose of calculating child support and alimony. Be very, very careful here. I would also point out that financing might be an issue depending on what you mean by owning property that is "underwater." If that means that you are behind on payments a new potential lender might consider that in their decision to lend you any money for the 90% you need financing on. Long story short, you need to have a conversation with your divorce attorney first, then a local Realtor and Lender before you write any contracts to buy anything.
Good luck, Todd Hurst