Indiana Injury And Family Lawyer BlogIndiana Divorce: More Likely in Midst of a Foreclosure?
Indiana divorce attorneys know that financial stress is one of the top reasons why marriages fail.So we weren’t surprised to learn that those going through a foreclosure are more likely to subsequently endure an Indiana divorce.
A recent Huffington Post blog touched on this very fact. It looked at the state with the highest incidence of foreclosure in the country: Nevada. There, one out of every 177 houses was in foreclosure. What’s also true is that Nevada has the highest divorce rate in the country as well. This is not a coincidence.
Across the country, foreclosures have soared with the collapse of the housing bubble. Indiana is not unaffected. It’s not nearly as bad as some other places, but according to realty track, 1 in every 14,300 houses is in foreclosure here.
So, the question becomes: Are divorces causing more foreclosures or are foreclosures causing more divorces? There is probably truth in both scenarios.
For example, a foreclosure stemming from factors related directly to the recession could be the final straw for an already-crumbling marriage. On the other hand, a foreclosure is an extremely stressful situation, and when finances become unhinged, people see their future and their dreams falling apart before their eyes. Foreclosures can be particularly difficult for men, as their self worth may be tied in large part to their ability to provide for their family – and a home is a very large and tangible part of that.
It’s not a huge leap that the upending of the marriage would soon follow.
And of course, when you are divorcing, you are forced to contend with paying the same amount for expenses on an income that’s been halved.
If you find yourself contemplating a divorce in the midst of a foreclosure, it’s especially important to invest in an experienced Indiana divorce attorney – someone who will be looking to protect all of your assets and interests at a time when it matters the most.
Here are some common mistakes people make when simultaneously going through an Indiana divorce and foreclosure:
1. Not having enough money. Of course, money is tight for many households these days. But if you’re contemplating divorce, having some reserves set aside – whatever amount you can – is going to be critical.
2. Rushing into it. Divorce is a long process, and there is a lot to be considered with regard to your home, your finances, your children and your lifestyle. The best thing you can do is consult with a skilled attorney to find out what all your options are.
3. Not being organized. It is going to be very important throughout the process to have all of your financial records accessible. This means loan applications, financial statements, bank statements, insurance policies, wills, car registrations, and trusts. It’s also important to gather up any proof of separate property (like a gift from your family or inheritance).
4. Don’t overlook any assets. Even if they are things you don’t want, it’s possible that with the help of your attorney, you may be able to negotiate them for something you do want.
5. Not fighting for what is rightfully yours. This is more often the case with women, who tend to want to “make nice” during a divorce. But insisting that you get what you are entitled to is an investment in your financial future and well-being – and that of your children.
Highland Family Law Attorney Burton A. Padove handles divorce matters throughout northern Indiana, including Gary, Hammond and Calumet City.
Additional Resources:
High Price of Foreclosure: Your Marriage, By Anna Cuevas, The Huffington Post
More Blog Entries:
Indiana Divorce: 5 Best Times to Consider It, May 1, 2012, Indiana Divorce Lawyer Blog