People who are married sometimes decide that they enjoy a vacation spot so much that they opt to purchase a home in that location instead of having to find rentals each time they want to travel. That vacation home may be a place that’s associated with amazing memories and lots of good times, but it can be a source of contention if the couple goes through a divorce.
Part of divorcing is having to divide all the marital assets, including all real estate. There are several options present when you’re trying to decide what should happen with the vacation home.
One party keeps the home
It may be possible that one party will keep the marital home and the other will keep the vacation home. This is sometimes balanced using other assets and debts to create an equitable property division agreement.
Sell the vacation home
Selling the vacation home is another option that may be beneficial to both parties. Any money left after loans and other expenses related to the home are paid could be used to pay off marital debts or split between both parties.
Co-own the home
Vacation homes are sometimes profitable investments, so parties who can work together may opt to co-own the home. They should set up a business agreement about how profits and expenses will be handled and who will be able to use the property when.
The vacation home is only one decision you have to make when you’re going through the divorce. Working with someone familiar with this aspect of ending a marriage may be beneficial because they can help you explore the available options.
