Dividing up vacation property during divorce can be tough. You have a few options, such as selling your vacation home and sharing the profits, keeping it and trying to negotiate when each of you can use it, keeping it and renting it out and others.
What you decide to do may be based on your own financial circumstances. If you have enough financial support, then you might decide to try to buy your spouse out of the property so that it belongs to only you. In reverse, if your spouse has enough money to do so, they may try to buy your share of the property in order to keep it in their name.
What’s the best thing to do with your vacation home during a divorce?
There is no simple answer to this dilemma. However, you should look closely at your finances and projected post-divorce budget to make sure that you have the financial support that you need if you decide to keep the property. It can be expensive to keep two properties, i.e., your primary residence and your vacation property. You must determine whether it is realistic to hold on to both.
If neither of you wants to give up the property, you may want to consider short-term rental agreements, creating a vacation home for tourists or setting up a schedule where you each have access to the property at certain times of the year.
Your attorney will talk to you about your specific circumstances and what may be the right option for you as you work on dividing all of your property during your divorce.