Georgia residents can sometimes face an uphill battle when dividing assets during a divorce. Deciding what to do with your timeshare property doesn’t have to be too involved or difficult, however. You have a few options available depending on the parameters of your divorce.
One spouse buys another out
In this scenario, one spouse will keep the timeshare after paying the other an agreed-upon amount or half of its total determined value. Figuring out the cash value of half of the timeshare can be tricky. An attorney may help you figure this out.
A buyout often works when one spouse values the timeshare more than the other spouse. For example, if your timeshare is located at the beach and your spouse prefers vacationing in the mountains, you may be more apt to keep it.
Sell your timeshare
If neither party wants to return to the timeshare, it may be wise to sell it and split any profits. Divorce attorneys may assist with questions you have regarding the sale and distribution of money from your timeshare.
Because timeshares are often bought for happy vacation times, both spouses may not want the reminder of their former lives. Timeshares can often be sold through real estate brokers and sometimes through your timeshare company. Your attorney may also be able to assist with a sale if you have already found a buyer.
Share the timeshare
Sharing the timeshare is an option if neither spouse is willing to let it go. You will both share the maintenance and other associated costs. Keep in mind that you will need to remain in touch with your ex-spouse in order to figure out scheduling and other such parameters.
Sharing the timeshare can work out for amicable divorces. However, you must consider some emotional issues that may arise down the road, especially if your children are involved. Will you be okay with your ex-spouse taking a new partner and the children to the timeshare and vice-versa? This is just one issue to address before deciding to share your timeshare.
