Be careful what you wish for, you may get it.” This adage is particularly true when one spouse seeks the marital home during a divorce. While the marital home may be the single most valuable asset of the marriage, it is also associated with debt, maintenance and other carrying costs; without sufficient income, the costs of home ownership could burn through a party’s savings.
In the current economic environment, the marital home may not be a desirable asset. Traditionally, the marital home was viewed as getting money in the bank; pay the mortgage and related expenses for a couple of years and you could cash out with a large profit. However as Forbes contributor Marcelle Sussman Fischler points out in her article House Regret: Among Divorcing Couples, The House Is Now A ‘Hot Potato’, the marital home is now is viewed as a an albatross” that is sinking in value.
Please see full article below for more information.
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Family Law Updates, Residential Real Estate Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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