During a divorce, there are often disagreements about the marital home. Often one spouse wants to remain in the home but can’t afford to do so. That’s when going to mediation might be useful. The mediators at New Jersey Divorce Solutions can help you come up with a plan that may allow you to remain in your home. If you litigate your divorce, the judge will usually order the parties to sell the house and divide the proceeds equitably. However, if the parties come to an agreement through mediation there are various solutions that can be employed so one party can remain in the home.
- One party buys out the other’s share of equity in the home through refinancing.
- If refinancing is not feasible, then one party can remain in the home for a pre-determined amount of time, paying the mortgage and other agreed upon expenses until the party living in the home can manage a buyout/refinance.
- The parties may agree to allow one party to remain in the home until the children either reach the age of 18 or leave for college (or some other agreed upon event), usually with the party living in the home paying the mortgage and maintenance expenses of the home.
- One party buys out the other’s equity with the help of a family member co-signing the refinancing paperwork.
- One party buys out the other’s equity with the help of a lump sum payment from another family member.
We have seen lots of different, creative solutions to this issue. It really requires a discussion with the parties about their needs, the needs of the children, their finances and we can work towards a solution that helps everyone.
Whatever the parties decide, the flexibility of mediation allows the parties to come up with a situation they can live with. The mediators at New Jersey Divorce Solutions understand there is no cookie cutter solution to dividing your home. Here at New Jersey Divorce Solutions, we work with you to determine what is best for your family. To schedule a client vision meeting please reach out to us or schedule one here.