Back in 2005 it seems that divorcing couples were fighting over who got possession and ownership of the appreciating house in the final divorce decree. Often times the home proved to be the couple’s most valuable asset.
Well, in a recent article I just read, it appears that the tables have turned. Apparently today, divorcing couples are fighting over who doesn’t get the house. It appears that divorces are becoming more complicated due to the loss of value in the homestead. Often times they are in a negative position, thus neither one of the soon to be ex spouses wants to claim the proverbial “Money Pit.”
Today, each party wants to disengage their interest and no longer be held responsible. So instead, many are either agreeing mutually to let the home go back to foreclosure. Or, we are hearing that many are choosing to stay together, as “roommates” because they don’t want to ruin their credit or because they can’t afford to live separately.
Sometimes the financial burden of keeping up with a depreciating property is the cause of the divorce. The strain of it all can be too much.
So what is a divorcing couple to do?