The Housing Chronicles Blog: Some divorced couples still forced to live together due to housing market

Thursday, December 4, 2008

Some divorced couples still forced to live together due to housing market

I can imagine the scene now. A recently divorced woman invites a date over for movie night, only her ex-husband is cooking a home-cooked meal in the kitchen with his own date. A-w-k-w-a-r-d! According to an AP story, however, the depressed housing market is forcing more and more divorced couples to share living spaces rather to succumb to foreclosure:

With the recession and the collapse of the housing market, more and more couples who have broken up are continuing to live under the same roof, according to judges and divorce lawyers. Some are waiting for housing prices to rebound; some are trying to get back on their feet financially.

The phenomenon is being felt around the country but most keenly in areas hit harder by foreclosure, such as the Sun Belt.

When the real estate market was booming, couples would promptly sell their home, split the profit and go their separate ways.

These days, Florida Judge John C. Lenderman said, about a third of his cases involve homes that are in foreclosure or that a family is struggling to sell. Lenderman said he had never seen anything like it in 40 years as a lawyer and judge...

Sometimes the financial implications of a divorce are so grim that a couple whose marriage is on the rocks decide to give it another try.

Kent Peterson, a longtime divorce mediator in Wayzata, Minn., said a young couple from the Minneapolis area were moving toward separation until they got a look at all the costs involved in getting divorced.

"The thinking was they need to work a little harder and stay together because of the changing asset picture," he said.

Aww, that's sweet. Click here for full story.

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