In a high-asset divorce, separating assets can be an extremely difficult portion of the process. While there are many areas of divorce that you need to address, asset separation can become one of the most complicated. When attempting to divide treasured shared assets like a vacation home, it is best to go into negotiations with a plan of what you are looking to accomplish. To help you begin that plan, here are three common outcomes that a vacation home can experience:
If both spouses want to keep the home, they may work together to make that happen. To prevent interfering with each other’s vacation, spouses may develop a schedule similar to a timeshare routine. With this kind of plan in place both spouses can visit the vacation home without having to interact with one another.
During negotiations, a spouse has the option to purchase the other spouse’s half of the house. This exchange can happen as a cash purchase, a trade during negotiations (such as offering their half of the primary home), or other methods.
Selling the home
If neither spouse wants the home, cannot agree on a co-ownership agreement, or cannot come to a buyout agreement, they may opt to sell the vacation home entirely. The spouses will likely have to decide how to split the income from the sale, as well.
Get the information you need first
Before deciding on any goal in your vacation home negotiations, make sure you have an accurate appraisal of the property. By knowing what the home is worth, you can properly negotiate for a result that protects your best interests. Before you enter into negotiations for your vacation home, consult with an appraiser and skilled divorce attorney to help you get the outcome you are pursuing.