It’s not uncommon for Florida couples to invest in timeshares. Unfortunately, when these couples go through the divorce process, their timeshare can create an issue. Understanding what happens to your timeshare is a necessary part of completing the entire divorce process.
The main issues of dealing with a timeshare
When it comes to the topic of property division during your divorce, your timeshare is likely one of many assets to cover. However, a timeshare is a unique asset in the eyes of a divorce court due to several different factors. It’s very hard to assign a value to a timeshare. It’s also difficult to sell a timeshare after a divorce has been filed. In addition, it’s common in divorce cases that either both parties don’t want the timeshare, or they both want it.
What are your main options regarding your timeshare?
In general, couples who are undergoing a divorce have three different options for how to handle their timeshare. The first option is to sell the timeshare. This option tends to take the longest as timeshare buyers are in a private market. The second option is to share the timeshare with each other. Ground rules will need to be made for who gets the timeshare at what point in time and for how long.
Lastly, one spouse may decide to buy out the other spouse’s stake in the timeshare. This buyout doesn’t have to be done with money; the spouse who wants the timeshare can give the spouse who doesn’t want it one of the other marital assets to make sure that the division is even.
While timeshares can be a great place to create memories, they can also be a big problem when it comes to the topic of divorce. It’s a good idea to talk to your lawyer about the outcome you want to happen so that they may help you understand what steps you need to take.