What Happens to a Timeshare in a Divorce?
Marital property, which is defined as the assets and liabilities acquired during a marriage, are subject to Florida’s property division rules. Florida is an equitable distribution state, meaning the property is divided fairly, but not necessarily equally. The rules of equitable distribution apply to timeshare properties the couple may own together. The three options available for timeshares are generally to sell it, award it to one spouse, or divide it between the couple.
Selling the Timeshare
In the best of cases, timeshares are not easy to sell. Add the pressure of divorce to the situation, and it becomes even more complicated. There are companies that can help broker the deal, but they typically charge high fees that can significantly reduce the amount of proceeds a couple receives. Still, when the couple has decided to sell the timeshare, this may be the only option. It is also important to understand that timeshares often come with maintenance fees, and the couple is still required to pay these until the time of sale.
Award the Timeshare to One Spouse
Due to the fact that they are usually vacation destinations, timeshares are often in a very desirable location. Additionally, one spouse may feel very strongly about keeping the timeshare because they have a lot of sentimental value attached to it. In this instance, they may try to negotiate it so that they can keep the timeshare after the divorce. In this instance, the spouse that keeps the timeshare may have to forfeit other assets so all property is divided equitably. Or alternatively, they may have to pay their spouse the fair share of the property.
Dividing the Timeshare
Many people think dividing a timeshare is just like dividing the marital home. While that is true to the extent that it is real estate and there are several options available, timeshares come with the possibility of sharing the property. It is nearly impossible for a couple to share a marital home, but it is much easier with timeshares. One spouse could use the timeshare during a certain period of the year, with the other spouse using it at different times.
Just as when selling a timeshare, the couple will still be responsible for paying maintenance fees when they divide the property. As such, the couple must come to an agreement about how to divide those fees, or a judge will determine how to split the cost of maintenance.
Trust Our Florida Family Lawyers with Your Property Division Issues
Property division issues are some of the most contentious aspects of any divorce case. If you have complex assets, such as a timeshare, and need help determining how to divide them, our Orlando family lawyers can advise you of your options. At O’Mara Law Group, our skilled attorneys will provide the sound legal advice you need, and negotiate aggressively to give you the best chance of securing the positive outcome you are hoping for. Call us today at (407) 634-6604 or contact us online to schedule a meeting with one of our attorneys and to learn more.