By: Erin Idler, Attorney & Mediator and Jeremy Doering, Doering & Co. CEO/Founder
The Family Home in Divorce
Making decisions about the family home has emotional, financial, and legal impacts for both parties and their children. There are several options for allocating the family home in divorce:
- Sale: This option allows both spouses to walk away with their share of the proceeds.
- Buyout: One spouse may buy the other out of their share of the property. This includes the transfer of title and allocation of debt. It may involve refinancing the mortgage.
- Joint Ownership: While not common, some spouses choose to jointly own the home post-divorce. Whether temporarily pending sale or longer term, it is essential to clarify decision-making and cost for terms such as occupancy, maintenance, repairs, and timing of sale to avoid future conflict.
Note: If the home is not being sold, there will need to be an agreement on fair market value. Generally, this includes a market analysis by a real estate professional or a formal appraisal. In mediation, a joint professional would be selected.
How Family Law Attorneys and Real Estate Professionals Work Together
Lawyer mediators and real estate professionals can jointly help the parties understand their options. Working together, they will help couples create a strategy that ensures a fair division of real estate while considering both spouses’ needs and interests.
Mistakes to Avoid:
- Using Zillow or tax bills instead of getting professional input on market value, potential repairs, and costs of sale.
- Not Updating Deeds or Titles
- Not addressing home mortgages or HELOC—need to know whether assumption is an option if one spouse is keeping the home and whether each qualifies for an individual mortgage if refinancing or buying a new home.
- Not evaluating potential repairs or updates needed for sale or valuation purposes.
- Working with a realtor or lender who does not have divorce experience
Make an Informed Decision About Your Family Home
Dividing the family home during divorce can be one of the most important decisions couples make, and having the right guidance can help reduce confusion, conflict, and costly mistakes.
At Family Mediation Center, our lawyer mediators help couples work through practical questions about the family home, property division, financial considerations, and next steps in a cooperative setting. Contact Family Mediation Center today to schedule a free consultation and learn how mediation can help you move forward with greater clarity and confidence.