During your marriage, your vacation time might have been the best moments between you and your spouse. Any stress that typically came during your time together suddenly disappeared as you enjoyed the luxury and activities present at your resort. You both loved your time together so much that you decide to purchase a timeshare and make it an annual getaway.
A couple of years later, you decide that your marriage is not working out and you decide to file for divorce. In the midst of figuring out who will get the house and who gets to spend more time with the kids, you realize that your timeshare is still up in the air. This can be a difficult asset to figure out between the two of you, so you need to ask certain questions to yourself to help you determine the fate of your original purchase.
Do you still want to take those annual trips?
If you like the resort so much, it is understandable why you would want to purchase a timeshare to visit every year. However, that might not appear so great now since you are no longer taking those trips with your spouse. It could serve as a reminder of what you lost from the marriage or divorce. You could even be exhausted of the location and want to stay somewhere else for the month you typically book the trip and not want to deal with the resort transfer fees. Try to imagine what those annual vacations would look like during the proceedings.
Do you want to still share them with your ex?
While not a common occurrence, many Florida couples often still keep the same timeshares after the divorce. They negotiate what times they want to use them and keep up their respective payments after the equitable distribution. However, even if you still want to use the timeshare at the resort, your spouse might not for their own reasons. Additionally, this means you will also have to communicate with your spouse frequently to arrange times and payments. A lack of payment could result in a lawsuit or a foreclosure process which lasts 18 months in Florida.
Can you afford it?
Timeshares are becoming increasingly expensive to hold onto, and divorce can take a heavy toll on your finances. You have to pay for maintenance fees, utilities, taxes and more on top of your annual ownership payments. It may be better to cut your losses as soon as you can and start saving your money to take trips elsewhere.
Transferring and selling timeshares can be a complicated and delicate process for most Floridians. If you need assistance on organizing how to approach this matter in the proceedings, a family law attorney can help you determine the best course of action.