Nevada property division: Rising home values may lead to divorce
When the housing market collapsed, so did the desires of many Nevada couples to get a divorce. Home values plummeted, and couples simply couldn’t afford to get divorced. For some couples that did divorce, property division became a game of "hot potato" with neither party wanting to keep the house because the mortgage was underwater.
Now that property values are beginning to rise again, there may be Nevada couples who have renewed their desire to divorce. Many couples are once again able to sell their homes for a profit. Real estate professionals and attorneys are saying their business slowly picking up as the market improves. It will take some to tell if what they say will be backed up by statistics.
Even if the profit isn’t yet what it would have been prior to the burst of the housing bubble, many people are willing to take what they can get in order to get out of their marriages. Even if there is only enough money to set up a new household, it may be enough for some couples. It may also be easier for a spouse that wants to keep the house obtain refinancing.
It is true that dealing with the family home isn’t the only thing that needs to be handled during property division. However, for many couples, it’s the largest asset the couple owns. Selling a house at a loss would have caused more harm to both parties than staying together until the market rebounds. Some of those couples may have decided to make another go of their relationships, but for those who are still wanting a divorce, it may be time to check the value of their homes.
Source: orlandosentinel.com, Divorce and home values: Till equity do us part, Mary Shanklin, Aug. 30, 2013