In California today, divorce is one of the leading causes of foreclosure. Many of the empty homes on the market in suburban areas of the state are the product of a disastrous family law case. In the event that a marriage fails, there are a number of financial concerns that have to be addressed. If one party has a much higher income than the other party, and the marriage is considered to be “long term” by the courts, then spousal support will more than likely be awarded. The problem is that in the interim, many homes teeter on the brink of foreclosure.
Divorce proceedings can sometimes take upwards of a year, and while the financial aspects of the cases are being dealt with, the parties are forced to fend for themselves. This means that whoever is living in the communal residence is expected to pay the mortgage. If the party with the lower income inhabits the communal residence, then he or she may have a hard time making the mortgage payments, so the prospect of foreclosure becomes a frightening reality.
The current recession has not helped ease the problem of a high foreclosure rate in divorce cases. Homes are being foreclosed upon all across the country, mostly because of a general decline caused by a declining economy. A divorce case just serves to magnify this growing problem in the United States.
In these dire times, it is best to consult the advice of a fully qualified legal professional who is more than qualified to inform your of your rights, and can help you every step of the way as you fight for financial independence. This way, your divorce doesn’t have to include a foreclosure of your family residence. You can instead focus on how to get your life back on track and you can land on your feet financially.