It wasn't that long ago that spouses fought fervently over who would get the house in a divorce. Not only was it usually the greatest asset a couple shared, but it represented safety, security and a sense of home and stability for the children.
Divorce rates are down, not because people are happier (in fact, I dare say it's quite the opposite), they simply can't afford to divorce right now. Many couples are unhappily co-habitating in the same space out of necessity.
For those who can afford to dissolve their marriages, something very interesting is happening: couples are arguing that their spouse should get the house! Or they are both only too happy to sell the nest. This is particularly true in the hardest hit areas of the country such as parts of Michigan, Nevada, Arizona, Florida, New York and, of course, California.
Melanie Brubaker is a Senior Associate at Smith Bivek Law Group, and a family law attorney in Atlanta, Georgia. In addition to seeing a decline in divorce filings, Melanie observed, " over the past year, when it comes to dividing the marital property, no one wants the house. The marital home had been the nest egg but that is no longer what I encounter as the norm is now that the marital home is under water."
Rather than being the most prized possession, the house has become the greatest albatross and a huge burden for couples to contend with. While parents are still interested in keeping their kids in the same school district, that stability is seen more and more as a luxury.
People are scrambling to downsize, and get out from under their upside-down properties because it's anyone's guess as to when these homes will start appreciating again. Most people are just trying to stop the bleeding and minimize their current losses.
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