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The property division process in divorce is often a complicated one, particularly when assets with high values are involved. One of the most complex shared assets to divide during divorce is the marital vacation home. If you and your spouse share a vacation home together, it may be divided in the same manner as the primary residence. Due to the nature of vacation homes, though, there are sometimes differences.
Co-Owning the Home
Unlike the marital home, which many people find almost impossible to co-own after divorce, you could consider continuing to co-own a vacation home with your spouse. In this situation, you would treat the property as a timeshare with each of you enjoying it at different times. An agreement should be drafted outlining when each party has a right to use the vacation home, and the requirements of each party. For example, if there are multiple bedrooms, you may want to designate one for each of you so you keep your space separate. Note that you may want to reserve the court’s ability to divide this asset in the future should any disagreements arise.
A Buyout
Like the marital home, it may be possible for one spouse to keep the home and buy the other out. The vacation home must be accurately valued to determine the share each party has a right to. The spouse that wants to keep the home can buy out the spouse for the full value of their share, or they can relinquish other property of the same value. For example, if a marital home and a vacation home are fairly equal in value, one spouse may relinquish their right to any share of the family home in exchange for keeping the vacation home.
Selling the Home
If neither you or your spouse want (or can afford to) to keep the vacation home, or you cannot reach an agreement about how to divide it, selling it may be your only option. Again, the property must be accurately valued and you and your spouse may have to agree on the purchase price you are both willing to accept. You will also have to determine how the proceeds will be split, which can become complicated.
For example, if you and your spouse purchased the home during the marriage, you may each be entitled to approximately half of the proceeds from the sale. On the other hand, if either you or your spouse owned the home prior to the marriage, that may entitle that person to a slightly higher share of the proceeds. One of our experienced property division lawyers can advise on how to divide the proceeds and the share you are entitled to.
Our Property Division Lawyer in Campbell Can Help You Achieve the Outcome You Want
If you are going through a divorce, do not risk losing what is most important to you. At Hepner & Pagan, LLP, our Campbell property division lawyer can help you devise a strategy that will help you achieve the favorable outcome you are hoping for. Call us now at 408-688-9153 or reach out to us online to schedule a consultation and to learn more about your options.