Many people across the nation and the world enjoy timeshares. This is where you partly own a property in another locale where you can spend time, usually at least once a year, and for a set period of time. But what happens to the timeshare when you and your spouse divorce? Since this is often considered a joint asset, you may have to make a decision on the shared property.
Thankfully, you do have options to move forward. One of them is to work with a reliable Daytona Beach divorce attorney, who can help you make sense of what could be a difficult and stressful time.
Keep the Timeshare Intact
It might seem odd to keep shared assets with one from whom you’re separating, but the reality is that many people choose this option. Contrary to what’s portrayed in movies and television, not all divorce proceedings are dramatic or confrontational. Depending on your specific situation, you may find it best to keep your timeshare.
Former couples who go this route might decide to give each other ample space during this time. You could also consider the health and overall well-being of minor children, and keep their yearly vacation in place until they grow to adulthood. Keep in mind that dependable Volusia County attorneys can offer valuable legal insight and information as you make such important decisions.
Sell or Buy Out
On the other hand, you and your former spouse may decide to sell the timeshare and move on. This could be the ideal option if neither of you wants to take on the full responsibility of the obligation. Alternatively, one spouse could choose to purchase the other half of the timeshare and legally releasing the former partner from financial responsibility. Speak with a trusted and reputable divorce attorney in Daytona Beach on how this option could be possible.
Award the Timeshare
You may be able to award the timeshare outright to your former spouse. This could occur during the legal discussions on the equitable distribution of assets. If a debt exists, ensure the agreement addresses how and when the debt will be paid.
Whatever your decision, remember that you don’t have to tackle divorce proceedings on your own. Instead, there are friendly and qualified Ormond Beach attorneys who can help you navigate through this time, and assist you in moving forward with your life.
Consider All Options
In fact, for more than 37 years, Rice Law Firm has assisted countless people just like you with a variety of legal needs. In addition to divorce and family law, we also specialize in senior divorce, business and corporate law, criminal defense, and more.
Divorce can seem overwhelming and sometimes never-ending. But it doesn’t have to be that way. Contact us today with all of your questions surrounding your dissolution of marriage, and to learn more about how you can attain dynamic legal representation.