Don't forget your timeshare ownership during your divorce

When couples are dividing up property and other assets in a divorce, some potentially valuable assets are can be forgotten. One of these is a timeshare ownership. Many New Yorkers have these in part to have a warm place to escape to for a few days or weeks during the winter. Maybe it was something you only used once a year. Perhaps in the tumult leading up to the divorce, you stopped vacationing there entirely. It can be easily overlooked.

However, it's essential to deal with it properly during the divorce. You don't want to battle over it with your ex later on. If neither of you keep up the payments because you're busy battling over whose it is, you could both find yourselves on the wrong end of a lawsuit.

A timeshare, assuming it was purchased with marital assets, is generally marital property to be divided. However, it may be considered a points-based timeshare. It's essential to know what type of timeshare it is.

If the timeshare is considered property, just as with any property, if one spouse wants it and the other doesn't, the spouse who no longer wants it can sign a quit claim deed to put it solely in the name of the other person. If the matter goes before the court, one or the other spouse may be awarded the timeshare by the judge.

Sometimes, unfortunately, the spouse who lost out on the timeshare refuses to sign the quit claim deed to release it. If you have a particularly stubborn ex, it may be possible to get a supplemental court order that you can use to take his or her name off the deed without a quit claim.

It's always preferable to provide your family law attorney early in the process with a complete list of assets, regardless of their monetary value, so that he or she can help you seek what you'd like to keep. This will help as you negotiate the division of your assets (as well as debts) in the divorce.

Source: Vacation Timeshare Rentals, "Timeshare Ownership: How to Split a Timeshare in a Divorce," accessed Oct. 18, 2016

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