A timeshare often symbolizes cherished memories and future adventures. What happens when the “we” in “our vacation home” dissolves? Divorce throws a wrench into even the most meticulously planned getaways, and dividing a timeshare becomes a crucial part of untangling intertwined lives.
Dividing timeshares and other assets is not a 50/50 split
The law considers timeshares as marital property. When married couples split, the court will look into many factors to divide assets, including timeshares, such as:
- The initial cost and present-day worth of the timeshare.
- The length of time the couple has owned the timeshare.
- The use and enjoyment each spouse has derived from the timeshare.
- The outstanding debts or liabilities linked with the timeshare.
In New Hampshire, the courts follow an equitable distribution approach. This means that assets are divided based on what is fair and reasonable rather than a strict 50/50 split. This approach allows the court to consider the unique circumstances of each case.
Options for handling a timeshare in a divorce include selling it and splitting the proceeds, one spouse buying out the other’s share, continuing to co-own and share usage or transferring it to one spouse as part of the property settlement.
Selling a timeshare can be challenging, and there may be tax consequences to consider. Continuing to co-own can lead to disputes over usage and expenses.
It is important to note that timeshare agreements often include specific clauses about ownership changes. These clauses may affect your ability to transfer or sell the timeshare during a divorce.
Securing legal protection of your assets
Understanding how courts handle timeshares can provide clarity during a stressful time. Yet, every situation is unique, and divorce laws can be complex. Working with a skilled New Hampshire attorney for a tailored legal solution to your divorce matters is advisable.
