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How to handle a timeshare in a divorce

| Sep 11, 2020 | Divorce

When a Florida couple gets divorced, all of their assets are subject to division. The same holds true when dealing with a timeshare that the couple jointly holds. Essentially, the couple can divide the timeshare, sell it or award it to one of the spouses.

Sell the timeshare

Especially under the time pressure of a divorce, timeshares are not always easy to unload. Moreover, there are companies that promise to help but end up taking high fees. However, if neither spouse wants the timeshare, this may be the only option. The timeshare will continue to require maintenance fees until it is sold.

Award the timeshare

The timeshare may be in a desirable location. Alternatively, it may have a strong sentimental value to one of the spouses. One spouse may want to keep the timeshare. In that case, it is a valuable asset that one spouse will try to negotiate for in the divorce.

Divide the timeshare

It is possible for each spouse to maintain their part of the timeshare. They could alternate years or even split the time each year. They will need to find a way to divide the maintenance costs both for now and in the future. However, this asset can be subject division just like any other.

When it comes to dividing the marital estate, you may benefit from the advice and help of a family law attorney. The attorney may help you negotiate a settlement with the other spouse that can account for all assets, including the timeshare that you jointly own. Timeshares can present some complex legal issues, so you may need legal advice to figure out how to treat it in the final divorce settlement.

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