If you and your spouse have a timeshare, then you should make sure that to take care of what happens to the timeshare after the divorce. There are three different ways to handle your timeshare:
One Party Keeps It: If one party wants to keep the timeshare and the other party is okay with not owning the timeshare after the divorce, then it should be possible for one party to keep the timeshare. If one party keeps it, there is the question of how much the timeshare is worth. Then the next question is how much current debt there is and how much will it cost to maintain and keep the timeshare going forward. You will also have to make sure that your contract to purchase or rent the timeshare allows for one party to take over the entire timeshare. It is important that all these considerations are specifically in your divorce agreement
Sell It: In most divorces, the divorcing couple finds that it may be easier to sell the timeshare than to keep it. Yet, selling a timeshare has its own issues. There may be a soft market for the timeshare and you may not be able to sell it. There are companies that will purchase your timeshare. In most cases, the timeshare’s value is minimal, but the companies that purchase it will at least get you out of any long-term contract.
Share It. Some couples decide that they both want the timeshare and neither wants to sell it. In those cases, the couple can agree to share the timeshare after the divorce. Of course, this could lead to problems post-divorce. The divorce agreement must be clear about who will pay for the timeshare and for the yearly maintenance fees. It will also need to be very clear about who gets to use it and how that time period is defined.
Like any property, what happens with a timeshare has to be determined in the divorce process. If you are getting divorced, David Badanes and the Badanes Law Office, P.C. can help you decide what to do with all of your property, including timeshares.
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