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Don’t forget about your timeshare during your divorce

On Behalf of | Dec 15, 2020 | Family Law

If you’re making a list of your assets as you contemplate or begin the process of divorce, don’t forget your timeshare. Whether it’s a beachfront condo in Cabo or mountainside cabin in Aspen, these assets are too often overlooked as divorcing couples begin deciding on how to divide assets – especially if they haven’t been used for a while.

There are several options. Let’s look at each.

Sell the timeshare

This is generally the easiest solution. However, be prepared not to get much help from the company that owns the resort. Most won’t buy them back, at least not at a fair price.

You can typically get a better price if you sell it in a timeshare resale marketplace. There are timeshare resale specialists who can facilitate the process.

One spouse assumes ownership of the timeshare

Say that one of you would like to continue using it and the other isn’t interested. The person who wants to keep it can either buy out the other one or you can work out a deal where the spouse gets the timeshare, while the other gets an asset worth roughly the same.

If both of you are on the ownership agreement, you’ll need to change that. You’ll also need to work out how any fees are paid until the ownership change is finalized.

You share ownership and use of the timeshare

This is a less common arrangement than the previous two. However, maybe you both enjoy visiting the property and don’t want to go through the hassle of getting another one. Perhaps you have children whom you both want to take there during winter and spring breaks or during the summer.

This arrangement can work if you have an amicable divorce and can work out a plan for how payments and fees will be divided. This should be detailed in your divorce agreement. You should also work out a schedule (perhaps as you work on your parenting plan) outlining when each of you will be using the property.

You may choose this arrangement, at least until the children are grown. However, keep in mind that it requires some communication and cooperation between the two of you.

Your family law attorney can provide help and guidance as you deal with the timeshare, regardless of which option you choose. Let your attorney know about the timeshare and your wishes regarding it as soon as possible.