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December 30, 2008

Housing Downturn Throwing a Wrench in Divorce Plans

divorce-cake-1208.jpgThe crashing housing market is turning out to be a game-changer for couples in the middle of, or contemplating, a divorce. Many of these couples who thought there would be plenty of equity to divvy up when their relationships started going south are finding that there's not much left to split and that the possibility of each spouse starting their new, independent lives with enough money for a down-payment has evaporated. “We used to fight about who gets to keep the house,” said Gary Nickelson, president of the American Academy of Matrimonial Lawyers. “Now we fight about who gets stuck with the dead cow.” In some extreme cases, The Times reports, couples are deciding to stay together because they are unable to sell their home.




Posted by Brownstoner at 8:58 AM | Comments (19)
Categories: Market

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Comments

Speaking of dead cows...this reminded me of "War of the Roses, Borough Park Style" post from back in October:

http://www.brownstoner.com/brownstoner/archives/2008/10/war_of_the_rose.php

Posted by: TownhouseLady at December 30, 2008 9:15 AM

Thank god I got divorced just as the downturn was getting started. That way there was plenty of cash for the lawyers to help themselves to.

Posted by: leftmanhattanneverlookedback at December 30, 2008 9:27 AM

What, here is your dream post. Go to town.

Posted by: wasder at December 30, 2008 9:30 AM

Case-Schiller is out today too...-18% from year ago. No big deal unless you're getting a divorce. My question is: Where was the prenup?????

Posted by: daveinbedstuy at December 30, 2008 9:36 AM

"What, here is your dream post. Go to town."

Go to town for what? The collapse of the Mutant Asset Bubble is well underway. I don't have to rant about this anymore....

The What

Someday this war is gonna end...

Posted by: Return of The What at December 30, 2008 9:51 AM

i do feel bad for these people. it's rough out there making it as a single person. i definitely feel it. tho i have no kids, so i am sure that helps. (tho if i had kids i would technically qualify for public assistance)

*rob*

Posted by: PitbullNYC at December 30, 2008 9:54 AM

The collapse of the Mutant Asset Bubble is well underway. I don't have to rant about this anymore....

The What

Someday this war is gonna end...

Posted by: Return of The What at December 30, 2008 9:51 AM

IS THIS A PROMISE!!!???? You getting ready for the upturn????

Posted by: daveinbedstuy at December 30, 2008 9:56 AM

"I don't have to rant about this anymore...."

What!? Who will I turn to when I need a good rant? Where will I go?! You can't let me down What, I know you have a few good ones left in you! You can't just sit back and relax now! ; )

Posted by: cobblehiller at December 30, 2008 10:00 AM

"You getting ready for the upturn????"

I will be old and tell the new generation of Asshats what happen in 2009.

"What!? Who will I turn to when I need a good rant? Where will I go?! You can't let me down What, I know you have a few good ones left in you! You can't just sit back and relax now! "

This is not funny 2009 is going to be very very nasty! All we need is a implosion in the Bond Market and it all falls apart. There will be a Obama bounce and somewhere around May all hell is going to break lose. 350 Billions dollars wasted on TARP money, you gotta love America.

The What

Someday this war is gonna end...

Posted by: Return of The What at December 30, 2008 10:07 AM

but What, this is a post on asshats in divorce court! surely you can't take a`pass?

Posted by: wasder at December 30, 2008 10:12 AM

"surely you can't take a`pass?"

I'm going to take a pass on plenty of subjects in 2009. Did you know that most Asset classes are back to 2003 and before levels. Gas, Heating, Food and Rents are back to pre Mutant Asset Bubble days? I think this is a great thing and I hope this trend continues.

The What

Someday this war is gonna end..

Posted by: Return of The What at December 30, 2008 10:39 AM

"surely you can't take a`pass?"

I'm going to take a pass on plenty of subjects in 2009. Did you know that most Asset classes are back to 2003 and before levels. Gas, Heating, Food and Rents are back to pre Mutant Asset Bubble days. I think this is a great thing and I hope this trend continues.

The What

Someday this war is gonna end..

Posted by: Return of The What at December 30, 2008 10:39 AM

The article makes it sound like all these heterosexuals are into marriage purely for the economic value of it. Divorce turns into nothing but economics. What about the sanctity of the institution and family values and all that?
Just a bunch of moneygrubbers.

Posted by: Petebklyn at December 30, 2008 11:27 AM

"This is not funny 2009 is going to be very very nasty!"

Sorry What, I'm just a little punchy today - I didn't mean to offend.

Posted by: cobblehiller at December 30, 2008 11:59 AM

heterosexual marriage has always been about property. It is property that truly binds people "til death do us part". Divorce makes sense when one of the partners either meets up with someone richer, or becomes richer themselves and can leave behind the old property. Or if neither partner has any significant property.

Posted by: Inigo at December 30, 2008 12:20 PM

I hope a lot of starry eyed gays don't fall into the same legal morass. I'll plug my attorney here who is doing a lot more along these lines...

http://www.gayestateplanninglaw.com/

Posted by: daveinbedstuy at December 30, 2008 12:26 PM

"Sorry What, I'm just a little punchy today - I didn't mean to offend."

I know that Cobblehiller, I just reenforcing a point to all of the 2009 recovery Asshat crowd!

The What

Someday this war is gonna end...

Posted by: Return of The What at December 30, 2008 2:06 PM

This article was a snore. It's like they're taking the topic seriously or something. The NY Observer could have done a much better job. Couldn't they have at least found a divorced former multi-billionaire who was forced to move into a $1500-a-month SRO in Fort Greene?

Posted by: mopar at December 30, 2008 2:08 PM

DIBS, gay marriage has made me long for a publicly traded divorce firm! Doubling the market overnight! I hope you can share if such a thing exists.

Posted by: denton at December 30, 2008 5:54 PM

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