There are many things to consider when dividing assets during a divorce in Georgia. However, in a divorce, the most difficult assets to divide are timeshares. A couple might jointly own some luxury properties such as vacation homes or beach houses. At first, these properties might seem very attractive and worthy to fight and hold on to. However, they could easily end up being extremely costly in the divorce in Georgia. High maintenance costs and sky-rising property taxes could accumulate to be a huge dent in your bank statement.
From the age of 15 and above, in 2009, the U.S. divorce rate fell from 9.7 divorces per 1,000 to 7.6 in 2019 according to the United States Census Bureau.
It should not be hard for the two of you nor do you have to be too involved in deciding and coming to a conclusion on what to do with that timeshare. Depending on the factors of your divorce in Georgia, you can consider the following few options.
Award It to Your Partner:
In case you do not want the timeshare after your divorce in Georgia, you could easily transfer it to the spouse. This decision makes more sense and is also cost-efficient. Timeshares are to be divided between the two of you and should be evaluated by a qualified analyst to determine their correct value. A spouse can have the timeshare once they pay the amount they agreed on or half of its total calculated cost. Finding a divorce lawyer in Albany can help you calculate the value of your particular timeshare as it can be very complex.
Also, make sure that the contract contains the specific clause for when and how the debt is paid if any. If your spouse gets the timeshare after a divorce in Georgia, they should refinance it, if not remove your liability within a specific time limit. If one keeps the timeshare, the other gets one-half or vice versa.
Consult Divorce Lawyers in Albany, GA Regarding Disposal of Your Timeshare:
It is possible the two of you do not want to return the timeshare and cannot remove your ownership, so it may be beneficial to sell the timeshare and divide the money after the divorce in Georgia. Hiring a lawyer will help you with your queries related to the sale, splitting of money from your timeshare, and any tax implications thereof.
This could only happen if your divorce is still in process and not yet final so before your joint funds are divided, you both can pay the costs that are acquired by them. If this not be doable, then after the divorce, anyone who lends the money to cover the cost should be paid back along with interest. However, you both have to pay in case of a loss. You can consult a financial consultant to determine whether you can pay by releasing surplus funds from a retirement account.
Both spouses often agree to sell the timeshare because they do not want to remember the memories of their former lives. These timeshares can be sold through real estate brokers and occasionally by your timeshare company.
Share the Timeshare:
The third option is to mutually make use of the timeshare if neither of you is willing to let it go. This is not a suitable option for most people and many family lawyers discourage it. This can only work smoothly in a peaceful and good-natured divorce.
It is important to decide about the scheduling that when and who gets to spend their weekends at vacation houses and the schedule of payment terms in case there is a huge maintenance issue to be taken care of. For example, if one of them fails to pay the fees on time, then that person should give up their vacation time and both partners have to contact each other regarding the nonpayment going ahead. It might not be much of an issue if there is a one-time default. However, consistent non-payments may lead to a pile of debt on the other party.
When sharing with the children involved, there also come some emotional issues. Some people may not be okay with their ex-partner with a new partner and the children going to the timeshare. Some people overlook and neglect this issue and then end up revisiting the first two options.
Contact a Qualified Divorce Lawyer in Albany:
Instead of delaying, the two of you should decide about the timeshare as there are many fees involved. Contact us today for an experienced Albany divorce lawyer to consult about your divorce and assist you in handling your timeshare.