You have many things to consider as you file for divorce. You may need to put child custody arrangements and support agreements in place. And like most couples, you and your soon-to-be ex must also make choices about how you will divide your property.
As you work to determine the full extent of your marital assets, you likely wonder what you will be entitled to. Perhaps you would like to keep the home in which you have raised your family. But do you know what happens to your timeshare when you divorce?
What options do you have?
When it comes to dividing your timeshare, you have three options. These include:
- Develop a timeshare agreement with your ex. If the two of you agree that you would like to maintain your timeshare, you may want to consider terms about who will get it when, how to handle maintenance fees and how you will exchange times, should that become necessary.
- One of you could buy out the other. Once you determine the value of your timeshare, you could potentially give your ex money or another asset worth their half of the timeshare.
- Sell your timeshare. In some cases, your timeshare may not fit the lifestyle either of you desire post-divorce, or perhaps it holds too many memories of the time you shared and you both just want to let it go. If you agree to sell your timeshare, you can divide your ownership rights accordingly.
No matter what you and your ex decide, be sure to put your agreement in writing. Though an agreement about your timeshare is just one small piece of your divorce process, reaching an agreement can bring you one step closer to living life according to your own terms.