Divorce can be difficult even if it’s what you want. Aspects of your life that you’d hoped to keep may be subject to change – including the status of your vacation home.
Co-own, buy out or sell
Many Floridians own out-of-state vacation properties. When it’s time to divide property during divorce, this can be a complicating factor and needs to be approached carefully.
Here are some of the most realistic options for separating couples with vacation properties:
- Co-ownership: This scenario only can be possible if the divorce is an amicable one and the divorcing spouses remain interested in keeping the property. During divorce negotiations, you could seek an arrangement similar to a timeshare agreement. Doing so will allow each person to continue to have access to the desired home without the chance of intruding upon the other.
- Buying out the other spouse: It is possible for one spouse to become the sole owner of the vacation property. Such an approach may be done in a couple of ways. One person may offer a cash payout or exchange another asset – such as their primary home — to gain complete ownership. This could be done as part of the overall property settlement in your divorce.
- Selling the property: Sometimes this approach represents the only choice. This may be for financial reasons, if neither spouse can afford it on their own. It could also be for emotional reasons, if there are too many memories associated with the home or if one party is determined to keep the home from the other.
Discussions about accomplishing any of these options will take a great amount of work, time and patience. Then you will be ready to take the next step in your newfound life.
Preparation is an advantage
Preparation is crucial when addressing the issue of property division. Having a detailed knowledge of your assets – marital as well as non-marital – provides you with an advantage during these negotiations. Also, a skilled divorce attorney can help you develop a strategy and guide you through the process.