On divorce & real estate: is the economic downturn making selling the marital residence a losing proposition?

Each winter, I try to make a couple of trips out to Bridgehampton via the Long Island Railroad. I find it incredibly beautiful and relaxing and usually tote a few magazines which I can read over the course of the two hour trip. But I hardly ever read because I am always so enamored with the winter scenery;  when it snows, I can’t tell you how beautiful it is. So, with today being the first snow day of the season…
So I am sitting on the train a seat over from this casually dressed man who turns out to be a Bridgehampton local. We got to talking and he’s a business man engrossed in a messy divorce in Nassau County Supreme. One of the big issues he and his wife are facing, is selling the marital residence in an economy that has taken such a miserable turn for the worse.
He was surprisingly very open for a man his age and obvious station. It seems he was frustrated with his wife because while the stipulation called for them to put the house on the market, he didn’t feel it was the right time to do so and they stood to take a major hit on their investment. I asked him what the property was worth. He wouldn’t come clean. But he did say, in response to my question whether it was over $5 million, “heck yea.” I wondered which house it was. I am always scouring real estate websites checking out Bridgehampton houses and dreaming that one day I could actually own one of these beauties.  
My grand conclusion after nearly an hour long conversation? I told him, “don’t worry about it. Your wife can force you to put it on the market but nobody is buying right now. It’s going to be there for another year at least. Unless she wants to give it away for nothing. And even then, in this market, I don’t think she will find any takers.”
He agreed with me. He said he knew this intrinsically. But it didn’t stop him from being extremely frustrated with “that woman.”
So, the moral of the story? It’s not a great time to get divorced if there are property issues to sort out. If you must go ahead with the divorce, understand that you are not going to get a good deal with real estate, so don’t depend on the proceeds from the sale of the marital residence right now. Plan to delay putting the house on the market. You and your spouse may be better off renting the property for now, and splitting the rental income till the market picks up.
If you’re in a desperate money situation (whether you are in the Hamptons, Brooklyn or wherever you live) and you don’t have a choice, fine. But accept that you are going to be taking a really big hit.