Divorce More Difficult with Housing Crisis

Divorce is hard and the housing crisis is putting a giant burden on divorcing couples. In the current market, selling your home might mean taking a huge lose on the value of your home or, even worse, still owing money on your mortgage, and that is if you can sell your home at all, before it goes into foreclosure. This puts many divorcees in an even tougher situation. No one wants to sell their house for far less than what it is or should be worth, but many people do not or cannot live in their previous marital property after a divorce.

Traditionally there have been two options. First divorcees would buy their ex-spouse out and take the house, but now it is often difficult to refinance because of strict new regulations, and rarely do individuals have the money in savings or liquid assets to pay for the house outright, especially in the current economic recession.
The second option has been to sell the house and split the profit, but houses are not quickly selling, and even those that are selling go for dramatically less than what the house is worth. Since neither option is really an option today Rockford has many ex-spouses continuing to live together, or renting out their property, both of which inevitably prolong the relationship many so desperately want to end. We are even seeing spouses who want to divorce staying together because the housing market and their inability to split assets. This situation can lead to very uncomfortable living for everyone involved, and has been a cause for the increase in domestic violence, and emotional abuse Rockford is experiencing.

If you are thinking about divorce, being emotionally or physically abused or are having a hard time dividing marital assets there are options and The Crosby Law Firm can help advocate for you. Call for a free consultation with one of our lawyers who concentrates in divorce and family law, or foreclosures.

The Crosby Law Firm is a general practice law firm dedicated to solving your problems. Whether you are struggling with a Divorce or family issue, Bankruptcy, Personal Injury claim, DUI/Traffic charge or other criminal allegations, or taking care of your Trust, Wills, or Probate, your case is important to us, and we want to help.