During an economic downturn, some couples who've decided to split up postpone moving. Instead they opt for what's known as a "domestic divorce." They continue living under the same roof, waiting for their finances to improve before one or both can leave.

Given the rising real estate market, an increasing number of estranged partners are now moving out, often bent on buying property. But financial planners caution against making a hasty decision.

"It's tough getting your bearings when going through a traumatic life event like divorce. Even if your divorce is amicable, it's wise to go slowly when making a major money move," says William J. Beecher, a veteran financial planner who's been through divorce himself.

Leo Berard, a real estate broker and charter president of the National Association of Exclusive Buyer Agents, says it's often prudent for a departing spouse to take a short-term rental before heading into a home purchase.

Still, he acknowledges that some resist this notion because of the hassle involved in renting first and moving later. If their finances and credit allow, such people would rather buy immediately.

Are you exiting a marriage and intend to buy a property? If so, these pointers could help:

-- Look for objective advice to help shape your purchase plans.

Besides changing their housing situation, newly divorced couples are often rebuilding their entire lives. "Making a sudden or impulsive decision when you're facing so much uncertainty can lead to a costly mistake you'll later regret," Berard says.

Assuming they can afford it, he urges newly divorced homebuyers to spend a couple of hours reviewing their current budgetary picture with an accountant or financial planner who charges on an hourly basis. One way to find a fee-only planner near you is through The National Association of Personal Financial Advisors (www.napfa.org).

"Whenever you're making a money decision, you have to keep your long-term financial goals in mind, such as sending your kids to college and saving for retirement," says Beecher, a fee-only planner.

-- Realize that mortgage lenders may let you borrow more than is wise.

Financial planners say it's always smart for prospective homebuyers to gain mortgage pre-approval before shopping for properties. This helps ensure they won't waste time looking at homes above their price range. Also, a pre-approval letter gives you more credibility with sellers when bargaining for a home.

But Andrews notes that despite currently stringent lending standards, many people can still gain approval for a bigger mortgage than they can afford, given their expenses.

"Do an independent budget before you fall in love with a house," says Andrews, a fee-only planner who heads her own firm.

"Divorce can be expensive and the costs of your transition are a big unknown," Andrews says.

-- Don't let a real estate agent pressure you into a premature purchase.

People going through a marital breakup face many stresses. That's why Berard says it's important they don't compound the problem by working with a real estate agent who tries to hurry them.

"There are a few agents out there who just want a quick sale. But if you're going through a divorce, you need to find someone to work at your pace," he says.

He contends it's a smart strategy for newly separated or divorced people to begin working with an agent as soon as they're sure they'll be buying a home. At this early stage, the agent can help you get an overview of your market area.

"There's no need to rush into a high-intensity shopping tour. Without pressuring you, your agent can help you check out alternative neighborhoods, price levels and housing styles," Berard says.

Agents who enjoy working with buyers often gain special expertise in this segment of the real estate market. You can find such specialists through the Real Estate Buyer's Agent Council (www.rebac.net), or by contacting The National Association of Exclusive Buyer Agents (www.naeba.org).

-- Analyze the implications of buying a home in one area versus another.

Newly divorced people -- especially those on a tight budget -- can face tough trade-offs in terms of location. To get the most for their money, some might believe an outlying suburb is the right choice.

But if you plan to start dating soon, an exurban neighborhood could be a lonely choice.

"Living far from the city, you'll have fewer opportunities to meet other singles and fewer places to go for dates," Berard says.

Decisions about location are all the more complex if you and your former spouse have young children.

"Whether you have sole custody, joint custody or just visitation rights, you'll want to spend as much time with your kids as possible. That's why living near your ex makes tremendous sense," Berard says.

Assuming that proximity to your children is a top priority, you might be willing to buy a relatively small place, such as a condo apartment, to achieve that goal. Ideally, your new home will still allow enough bedroom space to comfortably accommodate the kids.

"Obviously, not everyone going through a divorce is in a position to buy any home, let alone one near the kids. Their job situation might make that impossible. But if you can possibly afford to live near your children, that's greatly preferable," Berard says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

When you bought your current home did you follow that old axiom: "Buy the smallest house in the best neighborhood you can afford"?

Now that you must sell, how can you and your listing agent present the house to make the most of the situation? Should you fret about getting as much as your place is worth?

"There's absolutely no need to panic. If you live in a fancy ZIP code, people want your house. There's a pecking order for neighborhoods. And there are always status-minded people trying to move up the food chain," says Mark Nash, author of "1001 Tips for Buying and Selling a Home."

Still, Nash cautions that the sellers of a small house in a classy neighborhood -- what he calls a "C level" house in an "A level" area -- shouldn't fall prey to inflated expectations.

"Don't kid yourself that you'll get as much for your place as sellers with much larger houses in the same area. Still, on a square-footage basis, you should receive proportionately more, assuming your house looks terrific," says Nash, a veteran real estate broker.

One reason you should sell well in what Nash calls a "wannabe neighborhood" is that highly desirable communities, including those with strong public schools, tend to hold their value across time better than less popular areas.

Here are a few tips for sellers:

-- Restrain your expectations on price.

Joan McLellan Tayler, the author of several real estate books, says sellers who are greedy are punished in the end.

"Overcharge on price, and people will find all kinds of reasons to hate your house -- and local real estate people will resent you, too" says Tayler, the long-time owner of a real estate brokerage.

"There's a risk that when you look at the average sale prices (in your neighborhood), you'll get an exaggerated idea of your home's worth. Using averages can lead you down the wrong path because your house is much smaller than most around you," Tayler says.

As Nash sees it, trying to compare your "C" house with neighboring "A" properties is like comparing a tangerine to a pineapple. Besides the size difference, big homes in a luxury community typically have deluxe features that smaller ones lack.

When comparing your modest place with those offering high-end features, make sure you adjust for differences in amenities as well as size.

-- Make front-yard improvements a priority.

Although you may be seeking to sell one of the more modest homes in your community, you can expect that many prospective buyers attracted to your area will have large egos, Nash says.

"These are folks who like to impress friends and co-workers who drive by. Therefore, it's extra important that the landscape around your house look good," says Nash, who specializes in representing sellers in upper-end areas.

Though the yard in front of your house may lack the splendor of the grounds around bigger homes in the area, you could still benefit substantially from landscape upgrades, he says.

Nash suggests you consider hiring a landscape designer to create an overall plan for your yard, emphasizing blooming plants. Then to contain the cost, do your own installation of the necessary trees and shrubs.

Also, make sure all your greenery, old and new, is pruned below window level, so as not to hide the intrinsic beauty of your home.

-- Give extra attention to interior finishes.

It's rare for a listing agent to recommend major renovation work, such as the addition of a spacious "great room," to a house with only a small den. That's because sellers rarely recoup the cost of such an addition, even in a fancy neighborhood.

But Nash says those trying to sell a modest house in a plush area are typically well compensated for money spent on interior detailing.

"Well-to-do buyers are very attentive to fine features and decorating touches. With your modest house, you'll want to mirror the interior finishes used in the much larger houses around you," Nash says.

"Make sure the painter you hire is highly skilled. When it comes to painting, preparation is tremendously important," he says. "To do a superior job, good painters do extensive preparation to walls and trim and use a primer, along with at least two coats of paint."

-- Make sure your hardwood floors look their best.

Many spacious homes, including brand-new properties, still feature wall-to-wall carpeting in some rooms. However, Nash says homebuyers are increasingly likely to favor hardwood floors, particularly in high-end neighborhoods.

"Hardwood floors never go out of style because they're architectural and have timeless beauty. By comparison, wall-to-wall carpeting seems very dated to contemporary buyers," Nash says.

He strongly recommends that sellers with worn hardwood floors have them refinished before their property is shown to buyers.

"You may even wish to replace wall-to-wall carpeting with new hardwood in highly visible parts of the property," he says.

-- Don't rule out hiring an interior designer.

You and your agent obviously have incentives to make your property shine. But, as Nash says, few homeowners or agents have the expertise to make a place look as appealing as it could.

Nash recommends that sellers planning a redo seek help through the American Society of Interior Designers (www.asid.org). As he says, in many areas you can now hire an interior designer for around $100 an hour or less.

"A good designer will help you select the right paint colors and fabrics to make a major difference in the salability of your property. Remember that good taste outsells everything," he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

As a homebuyer, the type of property you choose can have a big influence on how you spend your time -- especially if you pick a place with a large lot. If you have a hectic career or a large family, you may wish to avoid a place with lots of greenery -- one that could make you a slave to all that pruning, clipping, fertilizing and watering.

In his 30 years as a time-management consultant, Maynard Rolston spent long hours at the office and traveling for work. If he'd worked less, he might have opted for a home with a lovely lawn and impressive flower beds.

But he settled for a townhouse with a tiny yard, located in a subdivision where all the upkeep is done in exchange for a monthly maintenance fee.

"I'm not that guy with the green thumb," Rolston says. "I refuse to sacrifice my precious time to yard work."

Rolston, author of "Time Management is an Oxymoron," knows that in today's economy, time is a valuable commodity, not to be trifled with.

"You have to face the reality that there are many trade-offs to a big home -- even if you hire a landscaping crew to care for the place," he says.

Of course, there are also pluses to ownership of a large property. Gardening can be a satisfying and money-saving experience. And a fair number of people take pride in showing off well-tended grounds to family and friends.

Here are a few tips for homebuyers wrestling with the issue of yard size:

-- Recognize the commuting penalties linked to a large yard.

Alan Pisarski, author of the book "Commuting in America," says the average commute is now 25.5 minutes each way. And although average commuting time has stayed constant for several years, many people are still willing to accept a punishing daily drive to live in an outer-tier area where they can own lots of land.

In areas with high housing costs, some people must move to the distant suburbs to become homeowners. To obtain a property of any size, they're willing to accept what Pisarski calls "a killer commute." But others could afford to live closer to their jobs if they simply settled for a smaller place.

One way to grasp the reality of a long commute is to test-drive it during rush hour.

"People go out and buy a house on a Sunday afternoon. Then after moving in, they're hit with the painful reality of how bad their commute really is," Pisarski says.

-- Check into labor costs for yard maintenance.

For years, Rolston has advised business executives that the key to saving time is delegation. Yet when it comes to yard work, delegation doesn't always save as many hours as people assume.

"The trick is to find landscape people who are reliable and trustworthy. But that's not always as easy as it sounds. And supervising your yard crew can also take time," Rolston says.

In addition, hiring contractors can also be expensive -- depending on the labor pool in your area and how many months per year you'll need help.

If you hanker for a large suburban property and expect to hire yard help, Rolston urges you to ask local residents how much they pay for upkeep.

"Don't buy that huge property until you get the full picture," he says.

-- Think realistically about your need for a big yard.

Do you have happy memories of childhood hours playing in your backyard? And do you aspire to ownership of a place where your kids could do the same?

Such a dream is understandable. But as Rolston says, you need to recognize that your kids' lives are probably very different. Were there two working parents in your family? Were you involved in as many organized athletic teams as your kids? Did you spend as many hours playing video games?

After thinking through these differences, Rolston says some homebuyers realize that ownership of a home with a large yard isn't warranted, given the limited time their children spend outside.

-- Hold out for a big yard if that's what you truly want.

Before committing to a home with labor-intensive grounds, Rolston says it's wise to do as Benjamin Franklin did when making a major decision. Take a piece of paper, draw a line down the center and list the pros and cons on each side.

Some homebuyers, including very busy ones, still find that the joys of life in a country setting outweigh the costs in commuting time and keeping up large grounds.

"There are folks who find it absolutely relaxing to put on headphones and jump on a riding mower. That's the way they manage stress. If you're one of these people, buying a place with lots of green space could be totally worth it. So go for that big yard," Rolston says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)