Real Estate Property and Divorce
Updated: Oct 17, 2022
I found an interesting article online regarding divorce and the need to make difficult real estate decisions in New Jersey, but the article very much relates to couples in any state.
In the past, there was always an option to discuss who will get to keep the family home, because the house was the largest asset the couple owned, but now with the downturn of the real estate market, many homes are worth less than the mortgage. Not to mention it’s likely the home will not sell right away. This leaves couples in the process of divorcing to consider who will take responsibility for any financial debts and how to divide the debts between each other, upon the divorce.
According to the article, divorce rates have only risen by 2% since 2006 in Jew Jersey. Real estate agents are noticing that many of their clients are divorced or in the process of divorcing and are scrambling to sell their home and find a more affordable one. For now it seems couples will have to ask themselves if they want to sell now or later, consider the value may go down even further if they wait. Should they stop paying the mortgage or take a short sale? In some circumstances maybe one party should buy out the other party. All of the decisions provide an uncertain result.
In some cases, a couple going through the process of divorce will continue to live in the home together until the divorce is finalized in order to save money. This is not an ideal situation due to the possible of domestic violence or conflict when living together during a high tension divorce.
If there are any legal questions you may have, I encourage you to, please contact my San Jose Divorce Lawyers office. My San Jose Family Lawyer offices assists many people who are going through family law related issues. We have many Affordable San Jose Divorce Lawyer solutions for many different budgets. We help many individuals through this very chaotic period in their life. Proudly serving the following cities, Fremont, Milpitas, Los Gatos, Cupertino, Mountain View, and Santa Clara.