The Impact of Rising Home Prices on a Divorce Case
Home prices around the country are going up, especially in the Dallas/Fort Worth area. That may seem like a good thing for homeowners who want to sell their place and plan to move to an area that has lower home prices. Unfortunately, for those who are getting a divorce and must remain in the DFW metroplex, the rising costs of real estate can have a negative impact on their plans to move forward with a new life after their divorce.
In some cases, one spouse may have spent time in the marriage advancing their own career while the other spouse is either at home caring for the children or employed in a lesser income-producing job. When they get a divorce, and it is time to divide the assets and expenses, it may be more difficult for the lower wage-earning spouse to find an affordable home to buy or even find a rental home within their budget.
The divorce settlement negotiations should consider the availability and cost of housing in the area. This is especially true when there are children and both parents want to relocate close to the other parent to remain active in their children’s school and/or extracurricular activities.
One Possible Solution: The Children Stay in the Family Home
One couple who faced this situation recently came to an agreement that works for them. They decided not to sell the marital residence but to keep it as co-owners for a while. The children live in the home permanently and the parents move in and out of the home on a rotating basis. This arrangement is sometimes called “nesting.”
Fortunately, in this situation, both parents have family members in the area where they can stay during the time the other parent is in the home with the children. The couple continues to split the bills on the family residence. Of course, each situation is different, and this arrangement may not work for everyone.
The Best Solution: Collaborative Divorce
There are many solutions that can be discussed if a divorce is approached collaboratively. Most families would prefer not to air their “dirty laundry” in court and leave the future of their family in the hands of a Judge who is a complete stranger. Therefore, our law firm is committed to helping couples explore creative solutions in a collaborative divorce.
For More Information About Collaborative Divorce, Contact an Experienced Dallas Family Law Attorney
To schedule a free initial consultation with an experienced Dallas Family Law Attorney, contact Paula Lock Smyth Law Offices at 214-420-1800.
Paula Lock Smyth has practiced law in Texas since 1985, focusing on Family Law, Probate, Mediation, and Collaborative Divorce. She is a trained mediator, seasoned litigator, and one of the early adopters of Collaborative Divorce in Texas. Paula is a member of the State Bar of Texas, the College of the State Bar and the Texas Bar Foundation and has served as Past President of Dallas Lawyers Concerned for Lawyers.
She was a Master in the Annette Stewart Inn of Court and is a Charter Member of the Collaborative Law Institute of Texas. Her legal knowledge and decades of experience make her a trusted voice on matters that impact families across Dallas and surrounding counties.
