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Can Divorce Mediation Let You Keep the House?
Joseph Dillon
Equitable Mediation Services
We've heard a lot about the housing market lately, with housing prices going down and mortgage companies going belly-up and when you and your spouse are in the middle of divorce mediation trying to discuss such issues, it can be a bit frightening to say the least.
No one likes to "take a loss" on the sale of their house. I mean really, for years the prices and values of homes have been doing nothing but go up and so why would anyone sell their home for less than what they paid for it? Sadly, this is the exact question many couples in divorce mediation are asking themselves right now. So don't feel bad as you are not alone.
One of the benefits of mediation is that all decisions are yours: you've heard me say that before. But did you know that your mediator can work out an arrangement that allows you and your spouse to keep the house without taking a loss and sell it when you both feel the time (and the market) is right?
We here at Equitable Mediation Services understand what you're going through and want to work with you in order to create an agreement that works both emotionally and financially. By drafting language into your Memorandum of Understanding outlining the terms of your arrangement, the house can be kept until you both feel the time is right to sell it. Some couples delay the sale of the marital home in order to keep a school-aged child in the same school system and minimize disruption to their lives but it can also be used as a tool to prevent financial loss. The same principles apply and arrangements can be outlined detailing who pays for things such as the mortgage, repairs, maintenance, etc.
And while you will both need to consult with a financial professional to understand the tax & financial implications, our helpful resources section can help you with locating someone to discuss this with and give you the tools you need in order to make an informed decision.
As every family's circumstances are unique, it is always best to consult with a mediator who can help you and your spouse understand the issues in detail and draft an arrangement that works for both of you. Please feel free to contact us with any questions you may have or to schedule a free, no obligation consultation to learn if mediation is right for you.
Article submitted Monday, October 13, 2008
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