Augusta GA Divorce Attorney – Recession adds to financial burden of divorce

Augusta GA Divorce Attorney – Recession adds to financial burden of divorce

BY KATHLEEN KERR

Just before the recession began battering their finances in 2007, a Huntington couple decided to divorce, planning to split the proceeds of their house, appraised at $1.5 million just a year earlier.

But soon after that, their home’s value plunged.

Joseph C., an industrial equipment distributor, and his wife had a $600,000 jumbo mortgage to pay off and a real estate market that forced them to sell the house for only $900,000. The couple did not want to be identified.

“It was basically the roosters came home to roost,” Joseph C. said. “We had thought there would be a lot more equity.”

Alexandra Gonzalez-Waddington is an Augusta GA divorce lawyer & Georgia Military Divorce Lawyer Augusta Georgia domestic mediator.  She is an Augusta military divorce lawyer, GA child custody attorney , and Augusta Georgia child support attorney.  She offers mediation for divorce, child custody, and child support.