Monday, January 25, 2010
Creative Solution
I recently completed a Collaborative divorce in which the parties' agreement included a creative provision regarding the marital homestead. The homestead was awarded to Wife and Husband will continue to reside in the homestead with Wife while he looks for a residence of his own. The parties were able to come up with mutually-agreeable terms including a rental amount to be paid by Husband. This is an example of a win-win result that would not be possible in litigation.
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I, too, have found that many people going through a divorce in this economy need to be creative about their living arrangements and the sale of their homes. On one file, the parties needed an appraisal for their home, but planned on selling it. The appraisal was used to calculate the non-marital interest. The parties inserted a plan into their agreement that would allow for an actual sale price to be used when it actually sold. The agreement was to redo the calculation with the actual net proceeds figure, and one party would owe the other party the difference at the time of closing or the surplus would be divided equally. Both parties were happy and glad to be moving forward with a plan to allocate the equity in their home.
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