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March 13, 2012
How to Divorce When Your Home Is Drowning in Debt
Divorce can be one of the most emotionally challenging ordeals a person can go through. And in these economic times, more and more divorcing couples are having to deal with the added stress of dealing with a house whose mortgage exceeds the current value of the property, a situation often referred to as being “underwater.”
If you or someone you know is struggling with the compound problem of divorce and an underwater property, there are some avenues you can take to help relieve, or at least reduce, your problems. Ideally, you and your partner are going to be able to amicably come to an agreement without the need for litigation. However, if no agreement is made, the court will get the final opinion, and it might not be the most favorable.