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Dream holiday homes becoming ‘millstones’ for divorcees after Euro property plunge
05 November 2012 @ 13:37

A second home in Tuscany or the south of France has long been the ultimate aspiration for many families. 

But for couples in the midst of divorce, tumbling property values in countries hit by the Euro crisis are rapidly turning former “dream” homes into a “toxic” legacy, lawyers have warned.

A string of cases currently in the pipeline centre around the question not of which partner gets to keep the villa in Spain, Greece or Italy but which of them has to take it on.

One lawyer described the task of dividing the assets between warring couples who own a holiday home as like “a game of pass the bomb”.

Case notes in one separation currently being negotiated include discussions about how to deal with a “dead duck” villa in Spain which has tumbled in value but still has a hefty mortgage to service and little prospect of being sold.

Read the full article at The Telegraph



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4 Comments


JASON DERR said:
10 November 2012 @ 10:03

I I don't get why this is such a dilemma.

a) The couple can't get along and so the property is sold and the money is split two ways
b) The couple can get along and they share the home and cost of maintenance.

These things are not hard to co-ordinate the people involved are acting like adults. I understand that spiteful people will try to ruin everything no matter what but they only have so much entitlement.




sherpavanwoman said:
10 November 2012 @ 10:27

Unfortunately, I think option a) might be a problem, since property in Spain is very difficult to sell now.


kaz said:
10 November 2012 @ 14:38

unfortunately i am in this position but i am unable to pay half for it as my financial commitments are much higher than my ex"s and unable to sell.....


david said:
10 November 2012 @ 18:58

Get Real jason! who wants to take on a mortgage on something which has a plummeting value - in 2 years time your average villa will be worth less than £100,000 and will have cost 4 times the amount - Spain is currently out of favour on the holiday circuit as holidaymakers try new destinations - true there will always be peope visiting spain but tourism will be down dramatically next year. The reputation of spainish property has hit an all time low with the aifos debacle and more - spanish property has become the butt of jokes and there is a lack of trust by prospective purchasers - throw all that in together and who would want to take on a villa which has a lot less value than the mortgage and has a virtually worthless value on the resale property market


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