Boston Divorce Mediator: What Happens to The House?
The marital home is often one of the most valuable and prized assets that will be subject to division in a Massachusetts divorce. As shared by a Boston divorce mediator, in a contentious divorce case, the spouses may fail to agree on who should get the house or how it should be split as part of the property division. In this situation, the court will decide on its own regarding this asset.
Chances are that both sides may end up being dissatisfied with a court-determined property division order. After all the heartburn, stress, and time and money spent on a litigious divorce, the end result may not be worth it. Therefore, it may be prudent to work with a Massachusetts mediation attorney to decide issues such as property division, including division of the marital home.
Issues to be considered during Mediation
While the court typically focuses on factors such as how long the marriage lasted, what was the conduct of each spouse during the marriage, and the age, health, and income of each spouse, your Boston divorce mediator will look at the facts more considerately. They will first consider which party wants to retain the house, and which one does not.
When one or both parties want the house
If both parties want to keep the house, the mediator will encourage them to consider the current and future needs of the children. If it is in the children’s interest to stay in the marital home, the mediator can help both co-parents to focus on the children’s priorities and let the custodial parent keep the home.
However, in this case, the mediator will also consider whether the spouse who wants to keep the house has the financial capability to buy out the share of the other party. On top of this, if there are other valuable marital assets that the other spouse can get in lieu of the home equity, a mutually beneficial property division arrangement can be agreed upon.
When both parties do not want the home
When both parties in a divorce want to sell off the house, or one party wants to keep it but is unable to afford it, an experienced and resourceful Massachusetts mediation attorney can help in this matter. If the parties are not agreeable on the house valuation or the target sales amount, the mediator may recommend obtaining market sale offers for the property.
Based on the recent sale price of similar homes in the neighborhood, it is possible to determine a reasonable market value of the house. After comparing these figures with the actual sale offers obtained, both parties may decide to sell off the house with the mediator’s advice and encouragement.
Professional House Appraisal
Sometimes it may be hard to agree on house valuation during divorce mediation. To save time and to enable a constructive resolution, your Boston divorce mediator may recommend getting the house value appraised from a reputable third-party appraiser. This valuation can be obtained even before the mediation is scheduled.
Choose a Dedicated Massachusetts Mediation Attorney
Our legal team at Shapiro Mediation Services, led by attorney Anna Shapiro, Esq. can help remove the uncertainty and stress that is often inherent to the issues of marital home division. We can help you and your ex-spouse arrive at a satisfactory resolution for your divorce-related property division and other family law issues. Call us at 617.765.1040 today to book a complimentary consultation or contact us online.