The Falling Value of the Family Home Complicates Divorce
A hot topic right now is whether falling housing prices in Florida and elsewhere affect the likelihood of divorce one way or the other.

January 19, 2012 /24-7PressRelease/ -- The Falling Value of the Family Home Complicates Divorce

A hot topic right now is whether falling housing prices in Florida and elsewhere affect the likelihood of divorce one way or the other. A quick perusal of the Internet shows that analysts are all over the board. People seem to be able to make persuasive arguments either way.

Some argue that a plummeting house value puts economic stress on a couple and that stress exacerbates other marital problems, making divorcemore likely.

Others feel that if little or no money would result from a house sale, an unhappy couple might stay together in the house until the economy and house values improve. They may be unwilling to accept the economic hardship of taking a loss or unable to afford to create two new households without some profit from the house sale.

A couple with more money might be able to live apart and let the marital home sit on the market until it sells, but mortgage payments and maintenance are still significant expenses for most.

The jury seems to still be out on how the housing market is affecting divorce rates, but one thing is certain. Unless the couple is very wealthy, in a divorce where there is a family home, the negative impact of the economy on the value of the family home complicates things. While there may be some trends, it comes down to the big picture and the unique circumstances of any one family.

The marital home comes into play in a couple of important ways in a divorce:
-Will either spouse stay there -- usually with the kids, if there are children -- before the divorce is final?
-Will either spouse stay there permanently after the divorce is final?
-Will the house be sold?

Now that we have been in a long recession, these questions about the home become more complex in a divorce:
-If a decision is made to sell, what if it doesn't sell because of the economy?
-How will it be handled if the house is underwater (worth less than the mortgage balance)?
-What if the bank is not flexible about selling the house at a loss?

If you are contemplating divorce, but are concerned about the value of your family home, talk to financial and legal professionals early in the decision-making process to better understand your options. A divorce attorney with financial savvy can help educate you so you can make better decisions for you and your family. He or she can also counsel you about other issues of property division at the end of a marriage.

Press Release Contact Information:

FL Web Advantage