During a Florida divorce, the estranged spouses will split all their marital liabilities and assets, and one of them might be a timeshare. Unlike many other assets, a timeshare depreciates over time. You are obligated to pay annual maintenance fees, homeowners association fees, and other ongoing costs. For this reason, neither spouse might want to keep it. In other cases, however, if it is a charming place, both spouses would like to keep it. In any event, what options do you have?
Can you split a timeshare?
Splitting a timeshare works the same way as many other types of property during a divorce. You basically have three alternatives, as follows:
• You can buy your spouse out
• The two of you can share it
• It can be sold, although this is not always easy
We get too attached to our properties in some instances, and we never want to let them go. If this is the case with your timeshare, you should purchase your spouse’s share and retain the asset.
Sharing the asset
If you both want to keep the property, you can agree on sharing it, and then you can determine the way that the occupancy schedule will be handled. One discernible benefit of this option is that you will share the costs of maintaining it.
Selling the timeshare
If neither of you wants the timeshare, you can decide to sell it and split the proceeds. However, depending upon several factors, including the location, current economic conditions, and the season when you can occupy it, a sale might not be easy.
If selling your timeshare becomes a challenge, talk to your resort owner and request that it take it back. Some of them will take back the property without any problems, while others may require that you meet certain conditions. This all depends on the terms of your contract.
Do you need legal assistance?
These options involve complex procedures and require specific knowledge on how timeshares work. In addition to consulting with a real estate professional, you might find it advisable to discuss this issue with a family law attorney who has experience in this type of property division.