With the UK economy in the midst of a credit crunch divorcing couples are facing up to a difficult situation. Housing and mortgage problems caused by the economic downturn have meant that divorced couples are being left with no choice but to continue sharing their home.
In the last year much has been made of the slow-down in the UK property market. The knock on effect of this slow-down has been that an increasing number of couples have been unable to sell their matrimonial home. This unfortunate situation means divorcing couples wanting to separate may have to remain living together for longer than they would like.
Under the credit crunch lending restrictions have been tightened and mortgages have become harder to obtain. For the majority of couples their most valuable asset is their home. With the possibility of this asset significantly depleting in expected value there is less money available to re-house both parties. In this situation it has become more difficult for a member of a divorcing couple to buy their former partners share of the property.