If you are in the middle of a divorce, you are probably far into dividing up marital assets. While dealing with your primary home, vehicles, furnishings and cash can be comparatively simple, you may have some difficulty with your vacation property. After all, both you and your soon-to-be ex-spouse love the place.
Furthermore, according to reporting from U.S. News and World Report, selling a vacation property can be difficult, especially during tough economic times. If you are on relatively good terms with your future ex-spouse, you may wonder whether continuing to jointly own your vacation home is a possibility.
Ownership
You do not have to be in a legally valid marriage to own property with another person. Still, to protect yourself, you may need to restructure the deed or rework the mortgage. You also may want to create an ownership agreement that describes each person’s legal rights and responsibilities.
Usage
Even if your marriage was not particularly bad, you probably do not want to be at your vacation home when your former spouse is there. Therefore, it makes sense to come up with a fair usage schedule. You also may want to implement some rules for each of you to follow when visiting the property.
Upkeep
Owning a vacation home can be expensive, even when two people are paying the bills. Consequently, when coming up with your joint-ownership plans, you must address upkeep and maintenance costs. These include utility bills, taxes, landscaping and other property-related expenses.
Ultimately, while it may take some planning, knowing neither you nor your soon-to-be ex-spouse must part with the vacation property you love during a challenging economy may put both of minds at ease.