The best part of the vacation experience is escaping the stress and trials of everyday life. Many married couples fall in love with this feeling and make the emotional and impulsive decision to purchase a timeshare. After all, why not make a vacation paradise your actual home away from home?
A timeshare is a property that is owned by multiple parties who get to utilize it on scheduled weeks throughout the year. While it may seem like a wonderful idea, most owners eventually grow tired of vacationing in the same location and complain about the excessive taxes. Also, many spouses discover that when love fades—for their marriage or the timeshare—this property becomes an albatross that is nearly impossible to sell.
If a timeshare is part of your marital estate, you and your spouse need to decide if you want to share it, sell it, or have one of you buy it out completely.
Sharing the Timeshare
If you and your ex still have a friendly relationship, you might be able to share the property and split the usage schedule. There are two significant benefits to this scenario: you can keep an economical vacation opportunity, and you don’t have to cut your losses by selling the timeshare on the open market. However, this option is only possible if you’re capable of community civilly with your ex.
You need to consider the following questions before agreeing to split a timeshare:
- How are you going to divide the usage schedule?
- How should you split the maintenance and utility fees?
- Who is going to receive the bills?
- What happens if one of you can’t make a payment?
- What if you want to use your points at another resort?
Fortunately, all this information can be included in your divorce settlement. It’s also important to include certain penalties if one party consistently fails to make their payments.
Selling the Timeshare
When couples are negotiating their divorce settlements, most attorneys will advise them to sell their timeshares, even if they are depreciating assets. It’s extremely difficult for separating spouses to share and maintain a property, especially when it involves expensive fees. Your best option is to sell your timeshare before your divorce is finalized. Even if you get less money for it, it may be beneficial to split the profits and eat the cost.
Buy the Timeshare
Some people absolutely fall in love with their timeshares and are willing to make concessions to avoid parting with them. You can work with your ex and your individual legal teams to develop a mutually beneficial arrangement that allows you to own the timeshare entirely. Because the timeshare is considered part of your marital estate, you’ll likely need to have the property and any related debts appraised before you can buy the property out.
Have Questions About Your Divorce? Schedule a Consultation!
You’re going to need an experienced and knowledgeable attorney if you want to develop an effective property division plan. At The Law Offices of Mark R. Hinshaw, our West Des Moines property division lawyers can thoroughly inspect your property holdings and enlist the aid of forensic accounts if we suspect that your spouse is withholding assets.
We can negotiate and litigate for your best interests so that you can secure a beneficial divorce settlement. Call The Law Offices of Mark R. Hinshaw today at (515) 200-7571 to schedule a consultation.