WHAT SHOULD I DO WITH MY HOME IF I FILE FOR DIVORCE IN 2010?

By admin • January 12th, 2010

By Henry Gornbein

We have been going through some of the worst economic times since The Great Depression.  Numerous articles and newscasts have stated either that the housing market has bottomed out, or is still going down.  In Michigan, we have the most depressed housing market in the United States.  Other states, including Florida, California, and Arizona – just to name a few, are also going through some horrible economic times with regard to housing.  In the past, before the economy bottomed out, homes were a family’s most valuable asset.  In the last year and a half, that has changed substantially.  In many of my divorce cases, the marital home is no longer an asset, but is heavily encumbered by debt.  Many people purchased homes in the past ten years, expecting their home to become a piggy bank for future savings and retirement.  Sadly, this is no longer the case.  Many people were obtaining mortgages, followed by home equity loans and second mortgages, based upon numbers that no longer exist.

 

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