What to do if you are divorcing and are “stuck” with the house.

By Robin Roshkind, Esquire, West Palm Beach, Florida

About two years or so ago, divorcing couples were fighting over who gets the biggest asset of the marriage, that most often being the marital home.  The wife generally had the nesting instinct and wanted to stay in the marital home with the children.  The husband, who may have purchased the home prior to the marriage, would fight with the wife over a buy out so he could stay. 

But all that is changed.  Instead of couples fighting over who is going to keep the marital home, they are now fighting over who is going to vacate it, leaving the other “stuck” with a depreciating asset, just like a boat.  The present economy is the reason.

If in pre divorce negotiations, you can’t agree as to which of the two of you is going to keep the home, you have several options:

1.  Let the bank take it back.  The problem with this is both the husband and the wife will suffer bad credit.

2.  One spouse take the house along with the debt and live there, foreclose, or sell. 

3.  Both parties stay real estate partners even after the divorce and agree now to sell when the market improves.  You both can move and rent out the property splitting the proceeds. 

4.  Short sale the house to a third party.  Again you might both suffer bad credit ratings.

There is no ideal answer in this economy but there are options to discuss with a lawyer.  For more information about this or other divorce topics call one of the attorneys at ROBIN ROSHKIND, P.A. at 561-835-9091 or click on the Firm’s web site at www.familylawwpb.com.

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