During the recession and housing market decline, studies found that fewer couples were getting divorced in the United States. Now that the housing market is improving and property values are rising, more couples are calling it quits.
One big reason more couples are filing for divorce now is due to the increase in property values in Georgia, which allows homeowners who may have been underwater to finally break even or make a profit when selling their home. This is allowing unhappy couples who were staying together due to the poor housing market to finally file for divorce.
The housing market can impact property division negotiations and if the couple will be able to sell the home for a profit or if one person will be qualified to refinance the home in their own name. During the recession, it was difficult for many married couples thinking about divorce to sell their house for a profit or have one person be eligible to refinance the home during the tough economy.
Now that the economy has improved and home prices are rising, it has become easier for couples to put their homes on the market or refinance the home in one spouse’s name now that the house has more equity.
The family home can play a significant role in a couple’s divorce, even deciding when it is the best time for the couple to file for divorce. In cases where a couple is waiting to get divorced because of the home, it is important to understand all of the available options.
Couples can sell the home, rent it out, or buy out one spouse and refinance the mortgage into one person’s name. These options can all be affected by the housing market and can also impact other asset division proceedings so it is important for individuals thinking about getting divorced to consult a divorce attorney to discuss what option will work best.
Source: Orlando Sentinel, “Divorce and home values: Till equity do us part,” Mary Shanklin, Aug. 30, 2013
