Divorce in a Down Real Estate Market
During these difficult economic times, couples in a Florida divorce are faced with decisions that people did not face when the economy was brighter. These days more than a few couples own homes where more is owed than the value of the home.
We find some couples with a home that is "upside down" deciding to keep the home in joint names until real estate property values come back up. One option they may choose is to rent it out to someone else to help pay the expenses on it until it can be sold. Other divorcing couples are contacting a bank to enter into a short sale. Others just assign the home to one of the spouses and place it in that spouse's column on the distribution sheet as a negative asset.
These are tough times, but an expert St. Petersburg divorce lawyer can work you through the best way to handle your situation.