If you and your spouse are working out the details of your divorce this summer, you'll be dealing with the division of assets and debts. That can be the most difficult part of the entire divorce, especially when you have a large amount of debts and assets. One asset that you might not have thought about is the timeshare property. If you and your spouse own a timeshare property, you'll need to decide how you want to dispose of it. Here are four methods you can use to take care of the issue of your timeshare now that you're dividing property for your divorce.
Leverage It for Something You Want
When it comes to dividing assets during a divorce, there are always items that each person has a stronger desire for. If you have something that you want out of the divorce – and it's not the timeshare – use your part ownership in that property to leverage it for the asset that you do want. You may find that using the timeshare for leverage will allow you to come out of the divorce with the things that you want.
Find a Way to Amicably Share It
If you and your spouse are still on good terms and you both enjoy the timeshare, it might be to your advantage to find a way to amicably share the property. Devising a schedule that will allow you both to have equal access to the timeshare will ensure that you don't have to part with the property.
Sell It and Divide the Proceeds
If you and your spouse have decided that you'd both rather part with the property, it's time to sell it to the highest bidder. Selling the property will allow you to split the proceeds so that you can both benefit from the sale.
Use it to Show Good Faith
If there's nothing that you want out of the divorce and you just want to finalize it as soon as possible, you can use the timeshare property as a show of good faith. Offering to sign the timeshare over to your partner may help facilitate the timely processing of your divorce papers so that you can get on with your life.
If you're going through a divorce, and you don't know what to do with the timeshare, use the tips provided here to alleviate the stress. If you and your spouse can't come up with an amicable way to handle the division of your assets, you need to sit down with your divorce attorney as soon as possible. You can contact firms like the Law Office of Greg Quimby, P.C. for more information.