What if no one wants the house?
In previous, more prosperous years, a house used to be a major bargaining tool in a divorce. Spouses would fight over the family home, and if they were not able to reach an agreement, they would simply sell the home and split the profits. Easy as that.
Today, the family home remains a bargaining tool in many divorce negotiations, but for completely different reasons. A house has become more of a burden than a benefit, especially in states such as Nevada where the housing market has been hit the hardest. Often, neither spouse can afford to make the mortgage payments on their own, especially when combined with all of the other costs that are usually associated with divorce. However, selling may not be an option, either because the value of the home has plummeted or because there is simply no one willing and able to buy it.
So what are couples in these no-win situations to do? For some, it has forced them to stay in their bad marriage, or remain living in the home together following their divorce. Needless to say, this is not the best option for most divorcing couples.
To find the best solution for your individual situation, your first step should be to talk to an experienced Las Vegas family law attorney. They can explain your options and work with you to find some better ones. In addition, they may be able to refer you to an expert known as a “divorce real estate specialist.” This person can help you to determine what is in the “best interest of the house” as well as the best interest of you, your family, and your future.
Source: Forbes, “House Regret: Among Divorcing Couples, The House Is Now A ‘Hot Potato’,” Marcelle Sussman Fischler, Oct. 12, 2011