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Divorce Mediation and living in marital house

My husband has agreed to do a divorce mediation (at my request) and we plan on living in the same marital home until the mediation and/or divorce is complete. Are the details surrounding this type of an arrangement regarding the house the type of thing that a divorce mediator can participate in? We both want to save money as much as possible and understand that living together is one way to do this.

 
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Mediation regarding marital home

Simply put, the mediator can help you discuss any and all issues that you bring to the table. Given that you and your husband are already in agreement, in general, about the idea of living in the marital home until the divorce mediation is complete, you should have no trouble ironing out the details.  You and your husband obviously get along better than many couples who are heading toward divorce, so the mediator should be able to use her impartial status to help you come up with a plan that works.  However, in keeping with your desire to keep costs down, remember that the more you are able to resolve outstanding issues on your own, the less time the mediator will spend on the case and less you will spend on the mediator.

Similarly, if one of you wishes to buy out the other’s interest in the marital home, the divorce mediator can help you devise a plan for that as well.  After you have a qualified real estate appraiser come up with the fair market value of the home, the mediator can help you divide the equity in the home based on an agreed upon division of the marital assets.  In other words, if, through mediation or otherwise, you agree to divide the marital assets 50/50, and there is $200,000 in equity in the home, then the buy-out figure would be $100,000.  FYI, check with your accountant, but capital gains taxes may not be a concern in this type of a buy-out because transfers of property and assets incidental to a divorce are not subject to capital gains taxes.    Hope all that helps, and good luck with your mediation.

 

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