In general, when a couple divorces, their assets and debts are divided between them. A time share is considered a marital asset, and its division will depend on the laws of the jurisdiction where the divorce is taking place.
California is a community property state. This means the assets and debts acquired during the marriage are considered jointly owned by the couple and are typically divided equally upon divorce. In this case, the time share would be considered a joint asset and divided accordingly.
There are a few ways the court might opt to handle the time share. These include:
- Award the time share to one spouse and offset its value with other assets awarded to the other spouse.
- Order the time share to be sold, with the proceeds divided between the spouses.
- Order the time share to be co-owned by both spouses after the divorce, with a specific agreement on how the time share will be used and maintained by each party.
The specific outcome will depend on the circumstances of your case and the preferences of the parties involved.
Considerations regarding a time share
One thing that you should consider is the presence of maintenance fees, which might increase annually. You should also think about the possibility of being unable to sell the time share because of the complexities of the market.
It’s best if you work out a budget ahead of time so you know whether you can afford to keep the time share. In some cases, it might be best to let it go and work on purchasing another vacation home or simply saving up money so you can afford vacations each year.
The property division process can be rather complicated. Whether you want to keep the time share or hand it over to our ex in exchange for other assets, you must take proactive steps to protect your interests. Seeking legal guidance might be beneficial so you can better ensure that you understand your options and how each may impact you.