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09/09/2011
Plummeting Property Prices Strain Couples
Falling property prices are causing additional strain on couples going through a separation or divorce, many of which have already lost their jobs and have large mortgages outstanding.
House prices in Dublin fell 49% from their peak in February 2007 according to the Central Statistics Office (CSO). This is causing severe financial pressure on couples, and as a result, can cause additional friction within their relationship.
"The recession has definitely contributed to much of the difficulty that many couples who are currently in the separation or divorce process face," says Maurice Kelly a Family Mediator at SeeChangeMediation.
"Unfortunately, many people are shocked to see how drastically their asset valuations have fallen in the last few years with negative equity on their home adding further worry to an already stressful situation. This becomes more apparent during divorce proceedings" continues Maurice.
As both parties disclose their personal finances during the separation or divorce proceedings, there is a growing trend of shock at the decline in asset values. This often leads to additional disputes which, if not dealt with correctly, can sour the relationship and lengthen the proceedings.
CSO figures show that nationally, residential property prices fell 12.5% in the year to July. Many experts believe that this trend is set to continue. Unfortunately, more and more separating and divorcing couples are forced come to terms with this unpleasant reality during the separation and divorce process.
(LB/BMcC)
House prices in Dublin fell 49% from their peak in February 2007 according to the Central Statistics Office (CSO). This is causing severe financial pressure on couples, and as a result, can cause additional friction within their relationship.
"The recession has definitely contributed to much of the difficulty that many couples who are currently in the separation or divorce process face," says Maurice Kelly a Family Mediator at SeeChangeMediation.
"Unfortunately, many people are shocked to see how drastically their asset valuations have fallen in the last few years with negative equity on their home adding further worry to an already stressful situation. This becomes more apparent during divorce proceedings" continues Maurice.
As both parties disclose their personal finances during the separation or divorce proceedings, there is a growing trend of shock at the decline in asset values. This often leads to additional disputes which, if not dealt with correctly, can sour the relationship and lengthen the proceedings.
CSO figures show that nationally, residential property prices fell 12.5% in the year to July. Many experts believe that this trend is set to continue. Unfortunately, more and more separating and divorcing couples are forced come to terms with this unpleasant reality during the separation and divorce process.
(LB/BMcC)
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