Which Spouse Should Get the Vacation House in a WA Divorce Settlement?
Splitting Assets Fairly: Who Gets the Wine Collection in a Divorce?
Like most property questions in a divorce, splitting a timeshare will take careful consideration. While real estate may have been considered a valuable asset in the past, a collapsing housing market means that any property you gain in the divorce might not necessarily carry a high value. After considering the value of the mortgage, land, and house itself, you and your spouse may be better off selling your real estate holdings than saving them for either one of you.
But if you and your spouse own a timeshare, the question of who gets the land becomes more complex. You may have both purchased the property and given a considerable amount of communal funds to the purchase, but cannot find a buyer that will allow you to get back your investment. For this reason, it can be difficult to estimate the value of the timeshare—should you receive half of what you paid for it, or only half of the amount when it is sold?
Discussing Your Timeshare Options With a Mediator
If selling is not an option, there are a number of ways you and your spouse can split the property. If you are going through a mediated divorce, you may be more likely to reach a solution that works for both of you. For example, if you have children, you may share the use of the property. This may involve drafting a schedule for use (alternate weekends, holidays, etc.) of which parent will take the timeshare on a given day. As this requires ongoing cooperation, this solution will work best for couples who are on friendly terms and do not have trouble interacting with one another.
To find out more creative solutions to splitting your assets, we encourage you to read the related links on this page or click the contact link above to ask us a question about your case.