Timeshares can be a fun way to enjoy vacation destinations you travel to frequently such as Hawaii, Miami, San Diego, Colorado, NYC, or Europe. If you are going through a divorce, though, any timeshare assets that you have must be divided. Sometimes it can be difficult to understand how to handle timeshares, but in general, you have three options:
Option #1: Sell the timeshare
If you and your spouse purchased a timeshare together, you may choose to sell it and then divide the money. This is sometimes the simplest option if you want to be done with the timeshare and move on.
Option #2: Share the timeshare
Even though your marriage is ending, that doesn’t mean that you and your spouse don’t still love your timeshare equally. You may decide to work out an agreement to share your timeshare with your spouse after the divorce. The upside to this arrangement is that you still get to enjoy your favorite vacation spot. The possible downside is that you have to maintain communication with your ex-spouse.
Option #3: Decide who gets to keep the timeshare
Another option for dealing with a timeshare after divorce is to decide who gets to keep it. If you purchased the timeshare together, then the spouse who is keeping the timeshare may have to buy the other spouse out of the deal. Since Nevada is a community property state, all marital assets are divided equally.
What about timeshares that aren’t paid off?
When there is still money owed on a timeshare, dividing that debt and deciding who gets to keep the timeshare may be more complicated. You may also have more issues to work out if a timeshare was purchased before the marriage but paid off after the marriage.