San Jose Family Law Attorney Comments on the Current Housing Market and Divorce
All across the nation and particularly throughout the Bay Area, the housing market has seen a slump in sales and an increase in foreclosures. Although a decline in real estate sales creates a difficult situation for people would-be sellers, throwing a divorce into the mix makes a difficult situation, even more complicated. News sources report that support groups for women going through divorce are finding that more and more real estate woes are creeping into the discussions.
Take for example, a couple who agrees to split the equity in their family residence as part of their divorce settlement. The longer their family residence stays on the market, a divorcing couple does not have the ability to purchase a new home. In a place like the Bay Area where rent is increasing and cost of living is high, couples may be forced in continue to live in the same house, or one spouse may be stuck in a house, with an overbearing mortgage. The main problem with both of these arrangements is it may make it difficult for the couple to leave the divorce behind and move forward with their lives. Perhaps one option for some divorcing couples may be for one spouse to refinance the mortgage on the property, and then buy out the other spouse’s equity in the house.
If you or someone you know is going through a divorce, the team of family law attorneys at Sagaria Law, may be able to assist you with settlement negotiations on property issues and any other aspect of your case. We regularly handle all aspects of family law and work with client from Santa Clara County, Alameda County, Monterey County, San Mateo County, and surrounding areas. Contact our office today to schedule a consultation with one of our attorneys.