Spring is traditionally the best time to sell a house. And many people consider getting divorced in the spring, because they want to sell their house as part of the process. For many divorcing couples, their house is their biggest asset, and they want to maximize their potential profits, as they make a financial plan for their future.
At Westfield Mediation, LLC, we always have our divorce mediation clients get a market evaluation of their home to determine how much equity they have in their house. Then, we consider what would make the most sense financially, and for the emotional needs of the family.
Selling the house is just one option. In some cases, instead of selling the house right away, the divorcing couple decides that one parent will remain in the home with the children until they finish high school. Such an approach may minimize the stress on the kids, by allowing them to stay in one place.
In these scenarios, the divorcing couple must decide how they will continue to pay for the house, including the mortgage, taxes, home insurance, and potential repairs, over this time period. The family also will need enough funds so that the parent who moves out can maintain his/her own separate household. Finally, the couple has to decide how they will divide the proceeds from the house once it is sold. At Westfield Mediation, LLC, we know that each family has its own specific financial and emotional needs, and through divorce mediation, we can tailor a plan to fit them.