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What happens to a timeshare during divorce?

On Behalf of | Nov 20, 2020 | Divorce

A couple who has made the tough decision that their marriage is no longer viable have many decisions to make. It could be that some of these New Jersey couples did many things together, including taking vacations. That brings up the issue of timeshares, which typically allow them to visit at certain times each year. There is always the option to sell a timeshare, but what about those who do not want to go that route?

It could be that both people want to keep the timeshare in which case they can use it at different times. They would both be responsible for making timeshare payments and they would have to figure out how that would look. In this case, a former couple would have to continue to be in contact. If that’s not doable for them, selling may be the best option.

One person can also take over the timeshare if the other is no longer interested in keeping it. The value of the timeshare could be ascertained and bought by one spouse from the other. As mentioned, the final alternative is to sell the timeshare altogether. If they don’t have the option of selling it back to the resort, they will have to resell it. When it is sold, the proceeds should be divided as per how they decide between themselves.

In cases where New Jersey couples are headed for divorce, each may want to obtain independent legal advice. An attorney may be able to help in property division issues including timeshares and rentals. Having wise legal guidance may make these decisions easier for both parties.