Your regular and lengthy excursions to Miami and San Diego – where you and your spouse own additional homes – likely will come to an end now that the two of you go through a divorce.
You considered them to be more than just vacation properties since you grew so accustomed to the regions, communities and people. It will be hard to let them go. Division of assets is a crucial part of divorce negotiations. These discussions will help you address the question: What will happen to our additional properties?
A buyout? A sale?
The answer really comes down to three choices. Some may be realistic, while others may be impossible depending on the nature of your divorce. Here are those options:
- Continue to own the properties together: If you had had splendid times in these homes and communities, this option may work as long as you are civil and still friendly with your former spouse. But the two of you must come up with a satisfactory agreement in sharing the home. Create schedules for when you each want to be in the home. You likely do not want to unexpectedly bump into each other.
- Purchase the property from your spouse: A buyout is possible if you have the funds. But in many cases, only one person in the marriage earned high assets, so this may not be realistic in certain cases. The higher earner may offer to pay cash for the vacation home or even swap other assets such as the main residence.
- Sell the properties: Perhaps too many memories exist, providing reminders of the past when the two of you were together. In some cases, a venomous spouse may make it his or her mission to not let the other gain control of the property. Placing the property on the market may be the best choice.
The two of you must come to decisions on what to do with your additional homes. In the end, you will make the right one.
A good attorney may make all the difference
Division of assets, including property, can be contentious. Depending on the approach you take, the discussions can be fruitful and successful or just plain painful. An experienced, assertive and understanding can make all the difference.