Divorce is difficult, there’s no doubt about it. Not only is a couple going through one of the hardest decisions they’ve ever had to make, but they also are left to handle all the legal details of the divorce and split their belongings. These assets often include vehicles, homes, savings, and more unique items like timeshares. Though the idea of timeshares and divorce might seem complex, there are three solutions available for anyone in this predicament who is determining the next steps to take with their vacation ownership:
An unconventional but possible option for dealing with divorce and timeshares is splitting use of the ownership. Though extremely rare, some owners might decide this is the ideal route if amicable spouses both wish to keep the ownership but not have to purchase their own timeshares over again.
An agreement should be made that specifies how the vacation time will be divided, how annual maintenance fees will be divided, what will happen if either party fails to pay their share of the fees, and any other oddities including switching vacation times with one another, renting out the unit on special occasions, and more. As payments can impact both owners’ credit and hinder their abilities to use the timeshare, determining the consequences for one or multiple failed payments is essential in protecting both parties. This decision will require owners to keep some level of communication with a former spouse, but will also allow them to keep enjoying the vacations they love.
In the event one spouse is interested in keeping the shared timeshare, it’s possible for the timeshare to be awarded or purchased from the other spouse. Awarding the timeshare is a much simpler process and won’t likely require additional legal action besides transferring complete ownership. However, buying out a timeshare usually requires finding out the timeshare’s value so the spouse uninterested in keeping the timeshare can be paid half or a portion of the vacation ownership’s worth.
Additionally, it’s important to note that until the other spouse is removed as a co-owner of the timeshare, both parties remain responsible for the maintenance fees and have access to the use of the timeshare. Every state has different laws and procedures for making this change in ownership official, so owners will want to ensure they follow their local laws to complete the transaction efficiently.
One of the easiest and most popular ways for dealing with timeshares during a divorce is by selling the ownership. Owners can contact their Home Resort to see if they will buy or take back the timeshare, but it’s not common for the property to accept the offer or present a fair purchase price. Instead of dealing with the hassle of the resort, the secondary market is an effective alternative.
Owners can use timeshare resale marketplaces to advertise their timeshare to a niche market of interested buyers looking for ownership opportunities like the one they currently own. They will need to collect the details and paperwork regarding their ownership, contact an independent timeshare resale specialists to create an ad, and wait for offers to be delivered to them. After the entire transaction is complete, both parties selling the ownership can work with their legal teams to determine how the money will be divided.