Estranged coupled being forced to live together due to negative equity
As most homeowners will know falling into negative equity can bring with it many problems, not least of which is being tied to the home because the value of the property has fallen below the amount that is still owed on it. However, another problem that has been highlighted with regards to negative equity is that in some cases couples that have drifted apart or no longer want to be together are being forced to continue living under the same roof as a result of being in negative equity.
Earlier this month the number of married couples starting divorce proceeding peaked according to recent figures, and officials believe that there will be a rise of 2 percent in divorce numbers in the UK as a result of the strains caused by the recession and the difficult financial climate. However, officials from the homeless charity Shelter have said that the recession and negative equity are forcing couples that do not want to stay together to continue living under the same roof.
In a survey that was carried out by a charity nearly 25 percent of people said that they or someone that they knew had been forced to continue living with a partner because they could not afford to live on their own. The research also showed that 75 percent of those being forced to live together due to negative equity and finances said that the experience was very stressful.
A spokesperson from Shelter stated: “Relationships do break down, which is painful enough, but being forced to carry on living with an ex-partner, even for a short time, adds real pressure to the situation. The fact that one in four of us either have experienced or know someone that has experienced this situation means this may be more widespread a problem than we realised.”
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