de Beer & Associates, P.A.

free initial consultations | email Us

local: (651) 714-2378

Divorcing couples often find difficulty when splitting property

A divorcing couple's home is the source of a lot of memories and emotions. Some of the best moments in a marriage involve purchasing a home and building a family within its walls. This is why property division can be such a contentious issue for divorcing couples. Deciding who gets the house, who will take care of an outstanding mortgage or if the house should be put up for sale are serious questions many Minnesota couples going through divorce are asking themselves.

During a time of economic recession and soft housing market, many people owe more on their mortgage than their house is even worth. In that case, paying for a mortgage may not be feasible and selling the home would force the couple to take a loss. That is hard for many couples to deal with.

Sometimes couples will escalate a housing dispute by using tactics to delay or prevent the sale of their home, if that's what they decide to do. In most of these cases, the spouse living in the home does not want to give it up, even if they going through financial difficulties.

Emotions are often what stand in the way of a couple amicably handling their property division. Though it can be hard to avoid, emotions can prevent someone from doing what is the most financially prudent move. Frequently, what is the best move might not be the easiest one to handle. When a couple is unable to resolve their disputes, it goes to court and that is likely to make the situation even more sensitive.

Because dividing property is such an important and emotional process, it might be wise for divorcing couples to seek skilled legal and financial advice. This is especially true for those with a significant amount of marital property to divide. Trained professionals have the knowledge to aid couples in making difficult, but necessary, decisions.

Source: Loan Safe, "Divorce Can Ensnare Home Sales," Alex Ferreras, Feb. 2, 2012

No Comments

Leave a comment
Comment Information