During a divorce, there’s usually a lot on the line, including property you may have acquired together, such as vacation homes. It’s important to find the right way to split your vacation home so you get the best outcome, and here are some ideas to consider.
The first option that you have is to continue sharing your vacation home. The details will be different for different states. For example, in Illinois, the courts divide up marital property based on the equitable division standard. Find out from your lawyer what the law dictates for your state as well as your specific case so that you know what to do and what to expect.
If you decide to keep sharing your vacation home, ensure that you understand the legal expectations of the last letter. This way, you won’t be likely to face unwelcome surprises down the road. Ensure that in your agreement, it’s clear how you will schedule the use and arrange for repairs and such, who will service the mortgage if there’s one, and what will happen if one party wants to sell or one party passes on. When you have all of these details in writing and they’re agreed upon, you may keep enjoying the shared vacation home hassle-free.
Selling the vacation home is the most straightforward option that you can both take, as you will simply split the money halfway and walk away. The property may have sentimental value for one of you, but in the end, you may enjoy more peace of mind if you simply sell it and start on a clean slate. When you do this, you will be free to get something else that’s unencumbered by the complexities of a divorce.
Have the property appraised properly and then put it up on the market, enlisting the services of a good real estate agent to ensure you get it sold as fast and easily as possible. This process will go faster and be easier if you let your lawyers work on it, keeping you informed of any developments. If you need to upgrade the property so it can fetch a better price, consider using quality materials in your upgrades. For instance, for the windows, you may get aluminum blinds, which are available for windows of different sizes and are one of the lowest maintenance and longest-lasting options for window treatments.
The third option that you have is to buy out your soon-to-be-ex if they would like to walk away from it and are willing to sell. If you have the money to buy them out, you can do so and own the property by yourself, avoiding any future entanglements. Negotiate the terms of payment as well as the price with your lawyer so that you can get the best deal.
Don’t try to take advantage of your ex as you would not like it if they did the same to you. For the best results, ensure that the dealings are fair and straightforward enough to leave everyone satisfied with the outcome. Around 20 million households own a timeshare property, and it’s easy to see their attraction. If you know of any couples that had a timeshare and got divorced, find out from them how the process went and ask them for any tips they can share with you.
These three ways in which you can split your vacation home after a divorce make it clear how many options you have available. Put them all into consideration and settle on the one that will be the least stressful and provide the best results to all parties involved, including children if there are any.