Though I have not reviewed the contract, I am going to assume it is a standard real estate purchase agreement that will be financed as a short sale. I doubt there are any marital contingencies in the contract and therefore the contract is likely enforceable against both of you. Assuming you do not wish to complete the transaction, you should read the contract carefully for any contingencies (most contracts have contingencies) and look for escape routes.
If you are relying upon two incomes to obtain financing you may wish to inform the bank of your impending divorce. If neither of you can qualify for the financing on your own, it may be a way to cancel the contract for an inability to obtain adequate financing. However, you signed the contract together and together you must complete the contract or face potential civil liability for breach.
Have your divorce attorney review the purchase agreement carefully for potential contingencies and discuss whether you should approach the bank about your pending divorce. This is a very difficult situation where you may have to complete the purchase and then have the divorce court determine how the marital home is divided.
Please reply if I can help further.
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Over 10 years in practice as a litigator ... civil and criminal