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Using divorce mediation to make financial decisions

Dealing with the family finances can become a challenge under the best of circumstances. When a Louisiana couple decides to end their marriage, the situation does not often improve for some time. Deciding what to do about the marital estate and a couple's finances could be done through divorce mediation.

One major concern for most couples is the family home. It is often the largest asset that a couple owns. What will happen to it usually involves looking at a myriad of options. If one spouse wants to keep the home, it is not as simple as the other spouse agreeing to it. Even if the parties own the home outright, the party not keeping the home is entitled to a portion of its value.

If there is a mortgage loan on the property, the lender will more than likely refuse to simply release the party vacating the home from the loan. The spouse wanting to keep the home will probably need to obtain separate financing for the home. This will also have to factor into any post-divorce budget if financing can even be obtained. It could turn out that selling the home would work better for everyone involved.

Divorce mediation can help Louisiana couples work through their options, including any choices made about the family home and any other financial issues between the parties. The ultimate goal is to reach an agreement in which both parties are fully informed of the decisions being made and any potential consequences that may come with them. The parties can come to an agreement that is in accordance with the state's community property laws. The more involvement each party has in the process of creating the final agreement, the more satisfied they will likely be with the results.

Source: nerdwallet.com, "How to Untangle Your Finances in a Divorce", Bev O'Shea, Hal M. Bundrick and Dayana Yochim, June 23, 2017

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