Second homes have become increasingly popular in recent years. In fact, according to a recent study, roughly 55% of Americans indicate they have an interest in owning a vacation home. Depending on the location of the property, owning a vacation home may also be a smart investment.
If you love to spend time in a natural setting or quaint town, you may have purchased a vacation home during your marriage. Now that you are planning to divorce your spouse, you must address the future of your vacation property. Here are three common options for dealing with a vacation home during your divorce.
1. Sell the property
Divorcing spouses often decide to sell their vacation homes and split the proceeds. If you go this route, you and your spouse may each pursue an independent valuation of the property. Before listing the property, you may also have to settle on a sales price and process.
2. Keep the property
If either you or your soon-to-be ex-spouse wants to own the vacation property exclusively, it may be a bargaining chip when dividing marital assets. That is, either of you may give the other spouse cash or other assets in exchange for the vacation home.
3. Share the property
It may be possible for you and your husband or wife to continue to jointly own the vacation property after your divorce. If you want to explore this option, you should consider negotiating a usage agreement and schedule. You should also address upkeep responsibilities for the property.
You undoubtedly have a great deal on your plate in the lead-up to your divorce. By getting your vacation home and other major marital assets out of the way early, you can devote your attention to ones that may require additional work.
