With miles of seashore, dozens of delicious restaurants and tons of entertainment options, Myrtle Beach is a vacationer’s dream. If you love the coastal region of South Carolina, you and your spouse may have decided to purchase a timeshare. Of course, during your divorce, you must decide what happens to the property.
In the Palmetto State, family law judges divide marital assets pursuant to what is equitable for each spouse. If you and your soon-to-be ex-spouse purchased a timeshare together, the property is likely a marital asset that you must divide. You have some options, though.
Sell the timeshare
You and your partner may have made some special memories at your timeshare. Now that your marriage is coming to an end, neither one of you may want to hold on to the property. If so, you may decide to sell it and split the proceeds equally. Unfortunately, though, timeshares can be difficult to value and tough to sell. If you decide to put yours on the market, watch out for some common ways brokers take advantage of sellers.
Share the timeshare
If you and your partner are not ready to let go of the timeshare, you may be able to continue to own it jointly. This, of course, presents a few obstacles you must overcome. For example, you must think about how owning the unit may affect your credit score and borrowing ability. Furthermore, you need to address upkeep costs and visitation schedules. Still, if you can come to an agreement, sharing the timeshare is a valid option.
Buy the timeshare
Finally, you may want to continue to own the timeshare independently. If so, you can probably buy out your partner’s ownership interest. To do so, you may need to come up with a significant amount of cash. Alternatively, you may be able to exchange other assets for an exclusive ownership interest.
Like all marital assets, you must address ownership of your timeshare during your divorce. Even though offloading such a property can be difficult, you have other options. With a bit of planning, you can likely choose the right choice.