The divorce process involves dividing your assets. Most people realize this means their home, vehicles and retirement accounts. However, something some couples forget about is their timeshare.
Do you know what happens to your vacation ownership in a divorce? Is it treated like other property? Learn more here.
Options for dealing with your timeshare in a divorce
Timeshares are unique assets. It can be difficult to assign value to them during the divorce and hard to sell after you have filed divorce paperwork. Sometimes, both spouses want it, or neither does.
When dividing a timeshare, your options are like what you would do with other property and assets. They include:
- Sell the timeshare
- Continue sharing the timeshare
- One spouse can buy the other out of the timeshare
Each option is a viable solution and the one that best suits your needs depends on your situation.
If neither of you wants to keep the timeshare, then selling it makes sense. You can split the profits from the sale. You can also choose to continue to share the timeshare, choosing different dates for your vacations. If just one of you wants to maintain ownership of the timeshare, you can buy the other person out and take full ownership of it.
Dividing timeshares in a divorce
If you need to divide a timeshare as part of your divorce, it’s important to know your options. You should also consider how you can get a fair percentage of the timeshare if you decide to sell or if your ex-spouse buys you out. While property division in a divorce can be complex, you can better protect yourself and your financial situation when you know your rights.
