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5 tips to deal with divorce in a downturn

Selling an undervalued home
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Selling an undervalued home

A married couple's largest asset is often their home, Block says. In most cases these days, the home's value is either down tremendously from what it was a few years ago, or it's worth even less than the mortgage balance. Either way, selling the home and splitting the difference may not be the wisest financial strategy at the moment.

Some couples choose to rent the home to a third party and split the rent until the market improves, says Jim Toto, partner in the New Jersey office of accounting firm WeiserMazars.

Block says some couples with children choose to "time share" their homes, with each parent taking turns staying there and moving themselves instead of the kids.

Unable to sell their home or afford separate living quarters, many divorcing couples are simply living together longer. "It's tough on both the couple and the kids, because you have two people who are essentially suing each other and living together," Mindel says. "Even though money is tight, spending a few hours with a counselor or other mental health professional can help people deal with it."


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