The financial crisis in the United States is causing tension within families. Financial problems can be the cause of a divorce. In most marriages the family home is the largest asset. The decline in home values over the past three or four years has resulted in many homes being worth less than the mortgages on them.
Recent studies have shown that nearly a third of all couples who considered divorce have postponed their divorce plans due to financial problems.
Divorce and Real Estate Issues
What do you do with the house in the divorce? Who stays in the house? Who is responsible for paying the bills on the house? These are significant issues that must be dealt with.
Living Together Until Financial Problems Can Be Dealt With
One choice for couples who don’t get along is to continue living together, but not as man and wife. These couples live together with the hope that their financial situation will improve and they will be able to sell their home and get their equity out of it. However, there is no sign the real estate market is improving throughout the majority of the United States. Furthermore, there is always a question as to whether living with someone you don’t get along with creates a negative environment for the children or will result in domestic violence.
Are the Mortgage Payments Behind?
If the mortgage payments are behind, the unhappy couple will eventually be receiving a foreclosure notice. Is it better to sell the house now or wait until it’s sold in foreclosure?
Divorce can be a contentious issue or it can be negotiated. The best solution for couples that don’t get along is for them to sit down with attorneys and negotiate in a mature, amicable manner, in either a divorce settlement or separation agreement. This will help avoid the acrimony and high cost of litigation.
The Law Offices of Schlissel DeCorpo have been handling divorces in the Metropolitan New York area for over 45 years. We litigate all aspects of divorce related proceedings in the Supreme Court and Family Court. These proceedings involve divorce grounds, no fault divorce, child custody, mothers’ rights, fathers’ rights, child support, downward modification of child support, spousal maintenance (alimony)and domestic violence issues. In addition, we negotiate separation agreements, prenuptial agreementsand post-nuptial agreements for our clients. We litigate equitable distribution issues involving doctor, dentist and lawyer licenses. Call us for a free consultation.