How Are Timeshares Divided During A Florida Divorce?
Under Florida’s equitable distribution laws, marital property is divided fairly, which does not necessarily mean equally, during the divorce process. Marital property includes any assets or debts a couple acquired together during their marriage. Many couples own timeshares together and these properties are also typically considered marital property. Even when the property was obtained before the marriage, marital funds are often used to pay for the purchase or maintenance fees.
Couples can divide timeshares in a number of ways including selling the property, allowing one spouse to keep it, or dividing it between the two parties. Below, one of our Tampa asset and debt attorneys explains these options in more detail.
Sell the Property
Just like the marital home, it is possible for a couple to sell the property and divide the proceeds between them. Unfortunately, timeshares are much more difficult to sell than other types of property. You can use a company who has experience brokering these deals, but they usually charge high fees for their service and that can substantially reduce the amount a couple receives in proceeds. When maintenance fees are attached to the property, which they usually are, both parties are still responsible for paying these until the property has sold.
Allowing One Spouse to Keep the Timeshare
Timeshares are usually in a very desirable location, as they are typically used as vacation properties. One spouse may want to keep the property for this reason, or they may feel it has a great deal of sentimental value to them. Regardless of the reason, it is sometimes possible for one spouse to negotiate for the timeshare during divorce. To do this, the spouse that retains the property will have to relinquish other assets of equal or greater value so that property division remains fair. Alternatively, the spouse that keeps the property may buy their spouse out by giving them a lump sum payment equal to their portion of the timeshare.
Some properties, such as family homes, are very challenging to divide during divorce. Timeshares, though, are much easier. Due to the fact that these properties are only available during certain times of the year, one spouse could use the timeshare during one period, while the other party could use it the remaining times when it is available. While it is easier to determine how to divide a timeshare property, couples must still factor the maintenance fees into the decision and determine how those will be divided.
Our Asset and Debt Divorce Attorneys in Tampa Can Advise on Your Timeshare Options
Dividing property is always one of the most contentious aspects of any Tampa divorce and the matter can become especially heated when dividing a timeshare. At All Family Law Group, P.A., our Tampa asset and debt attorneys can advise you of your options and help you determine which one is right for you. Call us now at 813-672-1900 or contact us online to schedule a free consultation and to learn more about your legal options. Se habla Español.