Timeshares & Divorce | Illinois Divorce Attorneys
For some married couples, timeshares are a vacation paradise and a romantichome away from home. For many others, however, timeshares represent amisguided purchase that is notoriously difficult to sell. Typically, atimeshare allows multiple people to own the same property and utilizeit for established periods of time during the year. While the idea issound, the reality is a little less grand. In fact, most owners complainabout the strict usage schedules and excessive taxes.
Unfortunately, when spouses decide to divorce, the timeshare becomes partof their marital estate. In other words, it’s time to decide ifyou want to share it, sell it, or have one spouse outright own it.
If both spouses have an amicable relationship, they might be able to sharethe property and split the usage schedule. By sharing the timeshare, bothspouses can take advantage of inexpensive vacation opportunities. Also,they aren’t forced to cut their losses by trying to sell the timeshareon the open market. Again, this option is only appropriate for formerspouses who are capable of cordial communication and mutual respect. Infact, most attorneys discourage this option because of the long-term pressureit places on both spouses. If you’re interested in splitting thetimeshare, your lawyer can help you include it in the divorce settlementagreement.
The following questions must be considered:
- Who should receive the timeshare bills?
- How should you split the maintenance fee?
- What happens if one party doesn’t make the required payments?
- How will the usage schedule be divided?
- What if one spouse wants to use the points at another resort?
It’s important to include this information in your divorce settlementagreement. You also need to set strict consequences if one party consistentlyfails to make timely payments. After all, it’s not fair for oneformer spouse to completely carry the cost of the timeshare.
This is the option chosen by most divorcing spouses. It’s difficultto be committed to one vacation location, particularly when it involvesexpensive maintenance fees. Unfortunately, a timeshare is a depreciatingasset, which means that its value has likely gone down since your initialpurchase. For this reason, it’s preferable to complete the saleprior to your divorce being finalized so you can split any profits and costs.
This option is applicable when one spouse is attached to the timeshareand doesn’t want to sell it. Both legal teams can help their clientscome to a mutually beneficial arrangement that allows one party to keepthe timeshare. Of course, because the timeshare is considered a sharedasset, the property and any relevant debts need to be appraised beforean agreement can be made. Your divorce settlement agreement can includeterms about debt payment, refinancing options, and liability removal.
Pursue Legal Representation
When it comes to dividing marital assets and property, you’re goingto need an attorney with experienced litigation skills and brilliant negotiationtactics. At Wakenight & Associates, ourIllinois divorce lawyers are dedicated to helping our clients pursue fair and advantageous divorcesettlement agreements.
Call Wakenight & Associates, P.C.to schedule your free consultation. We have offices conveniently locatedin Oak Park, Mokena, Joliet, and Mokena.