A divorce and division of assets can be both emotionally and financially draining to married couples in Florida. One often overlooked asset is the family timeshare. How can this property be evenly split between two spouses? There are a few options divorcing couples have regarding their timeshare property.
Sell the timeshare and split any earnings
Just as with a primary residence, a divorcing couple may decide to sell their timeshare and split the earnings, if any. Because timeshares are often purchased on vacation and used for multiple trips, lots of happy family memories are made in them.
Though some spouses may want to free themselves of these memories, others might want to hold on to them. This can lead to disagreement, and selling the timeshare is usually the best way to go.
Timeshares can be sold in ways similar to those used for primary residences, through a broker or for sale by owner. Additionally, you might be able to contact your timeshare company to find out what your options are.
Share the timeshare and expenses
If both spouses can amicably agree, sharing the timeshare is a good option. Keep in mind that you will need to continue to communicate with your former spouse to schedule use of the timeshare.
Both spouses will be responsible for maintenance fees and transfer fees. All parameters should be outlined in the divorce agreement in order to prevent arguments in the future.
This can work if both spouses have moved on with their lives. However, it could prove a difficult situation if one spouse is uncomfortable with the other spouse brining a new love interest to the timeshare. This can get especially tricky when children are involved.
One spouse buys the timeshare from the other spouse
If you want to keep the timeshare and your spouse doesn’t, you may consider buying them out of their share. Your experienced divorce attorney should be able to help you determine the monetary value of half of the timeshare.
Divorce is an emotional time for all involved. Finding a compassionate attorney to assist you in dividing your assets can help ease the stress of the process.