A recession is a bad time to get divorced -- especially if your home has sunk in value along with the rest of the housing market.

Last year, the divorce rate in the U.S. fell 4% after rising 7% in 2007, according to a report released recently by the National Marriage Project. Although the news might cheer family advocates, it suggests something else to project director W. Bradford Wilcox: that couples with depreciated home values might be waiting to split until the market rebounds.

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For most people, a house and their 401k accounts are their biggest assets. Right now, home values are down substantially from 18 months ago. In fact, according to Moody's Economy.com, 31.8% of owners with a first mortgage are "underwater" -- that is, their homes are valued at less than what's owed on the mortgages. That means couples who decide to get divorced -- and not live separate but together under one roof, an approach many have resorted to -- are splitting liabilities instead of assets.

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