Couples going through a divorce in Michigan might find themselves dealing with the challenge of dividing up a timeshare. A timeshare is a vacation property that renters are allowed to use during certain times of the year. While the first option might be to sell the timeshare, there are other options for people who don’t want to lose their vacation property.
How to divide up a timeshare in a divorce
If both parties still want to use the timeshare after the divorce, they can agree to keep the property but use it at different times of the year. Both parties will have to figure out how to manage the payments, when to take their vacations and more. As a result, they’ll have to maintain some level of contact, so this option is only viable for couples who divorce amicably.
Another option is for one party to take over the timeshare. If one person wants the timeshare and the other doesn’t, the timeshare might simply be awarded to them during the divorce. They can also figure out the value of the timeshare and buy it from their former spouse for a portion of the property’s overall value.
The final option is to simply sell the timeshare altogether. If their home resort won’t buy back the timeshare, they might have no choice but to put it on the resale market. Once the timeshare is sold, they’ll have to figure out how to divide the proceeds between them.
Proceeding during a divorce
When a couple decides to file for divorce, both parties might find it beneficial to hire their own family law attorneys. An attorney might help the former couple divide up their assets, figure out issues of child custody and visitation, and divide properties like rentals and timeshares.