Many couples work hard so they can enjoy a comfortable life. For some people, this includes having a vacation home that they can spend time in. The home they enjoyed during their marriage may become a point of contention if they divorce.
Determining what to do with a vacation home requires both parties to evaluate the circumstances and options. This may help them to agree on how to handle the situation.
One party keeps the home
The couple may decide that one party keeps the home and the other party keeps the vacation home. This might be a bit easier to work out if both homes are worth approximately the same amount.
Sell the home
Selling the home is another possibility, and some individuals may choose this option because they can use the proceeds to pay off debts. This could give both parties a better financial standing after the divorce.
Co-own the home
Co-owning the home may be an option in some cases. This is only possible if both parties can get along. They can each use the home for their own vacation time and may be able to rent it out. Having a contract to cover the terms of the co-ownership is critical, and there should be a central schedule if the home will be used as a vacation rental.
The vacation home is only one decision that has to be made during the property division process. Each party should ensure they have someone on their side who can assist with protecting their interests.