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Recession making divorce and property division more challenging?

| Sep 9, 2011 | Property Division

Couples in Tennessee, like any other state in the nation, are forced to make a lot of decisions during the divorce process, such as property division. And often people focus on why the divorce is happening in the first place. Some choose to point fingers while others may recognize that the gradual distance was inevitable.

But what about reasons why divorces do not occur? Sometimes issues like property division can make the divorce process less appealing, even if the both spouses know that it is the most logical next step. On a broader scale, the question is raised: is the economy dictating whether divorce is an option for some?

If finances are a big concern for couples, the thought of trying to start over on your own can be particularly daunting. Or perhaps the couple wants to continue providing for their children and the only way to do so, in their minds, is to remain together as a couple. Or perhaps neither spouse wants to pay spousal or child support if they were to separate.

Another question that may surface is whether the economy has changed the way that property is divided in the event of a divorce. With an economic recession, more and more homeowners may find themselves with foreclosure notices.

Some couples are choosing to hold on to a house, even after getting a divorce. Instead of selling it and buying two separate apartments or homes, divorced spouses are instead taking turns sharing one space with the children, and staying elsewhere the rest of the time. But will this solution work long-term?

Couples who are contemplating a divorce but are unsure of what the implications could be on their finances should speak with someone who understands divorce and property division. This can help guide the couple through the process so that the outcome is favorable for both parties.

Source: CNBC: “Bad Economy? A Good Time for a Steamy Affair,” Cindy Perman, Sept. 7, 2011


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