If you and your spouse are divorcing, you have a lot of decisions to make. You might need to figure out where your children will spend the holidays, how much spousal support will be and who gets the house.
However, some marital estates are more complicated. For couples with higher assets, the divorce process could become tricky in terms of making sure you both agree with the terms of your settlement. In many cases, you may have to agree to disagree, but do you know what will you do with your timeshare?
Your three options
Divorce is often full of unknowns and agreements you probably wish you didn’t have to make. But there is often an emotional attachment – good or bad – that goes along with the things we own.
The agreement surrounding your timeshare might fall into one of three categories when you divorce:
- Sell it – Perhaps your memories involving your timeshare are too heartbreaking to face returning there alone, or maybe you don’t foresee maintaining the same lifestyle post-divorce. If you sell your timeshare, you and your spouse could divide whatever profit you make.
- Share it – If both of you enjoy your timeshare and don’t want to go without it, you might choose to establish terms related to how it will be maintained, how you will handle fees and when each of you can use it. Just be sure to get your agreements in writing, in case a future dispute arises.
- Buy your spouse out – Maybe you can’t reach an agreement, or possibly you enjoy your timeshare more than your spouse. If they agree on selling their half to you, you may decide to allow them to keep something that holds more importance to them in exchange.
Whatever route you take, remember that your divorce is uniquely yours. The important part of all aspects of your settlement is working with your spouse to figure out the best way for the two of you to move forward.