Florida is paradise for couples who love to get away from home and spend some time in a vacation property. If you and your spouse own a timeshare, though, you may be wondering what happens to it during your upcoming divorce.
If you purchased your timeshare during your marriage, it is likely part of the marital estate. Consequently, you must deal with the property during your divorce. In the Sunshine State, the courts divide all marital property equitably. So, you may not receive exactly 50% of the marital estate, but you should get a fair share.
Selling the timeshare
Many parts of your marital estate, such as your home, cars and savings accounts, are easy both to value and to divide. That may not be the case with your timeshare, though. On the contrary, assigning a realistic value to a timeshare can be challenging. It can also be difficult to find a buyer for this type of vacation property. Nonetheless, if you can find a third party to purchase the timeshare, you can split the proceeds or losses with your partner.
Keeping the timeshare
Even though your divorce requires dividing marital property, you may be able to keep the timeshare. If you want exclusive ownership, you may consider negotiating a buyout of your spouse’s interest. In Florida, county officials maintain records on timeshare ownership. Therefore, after your divorce, you should take the necessary steps to record the deed transfer.
Sharing the timeshare
You and your spouse may have fallen in love with the timeshare and not want to part with it. If so, sharing the property with your ex-spouse may be possible. If you go this route, you must negotiate usage schedules, upkeep costs and other matters. Treating your former spouse as a business partner may make it possible for the two of you to work together on a plan that is fair for both of you.