A vacation home is often filled with good memories and laughter as your family spends time in it. The good times and memories may make it difficult to determine how to handle the vacation home if you go through a divorce. One of the main questions that may arise is whether you should try to keep the vacation or not.
Before you consider keeping the vacation home, it’s important to think about the options for dealing with it. One option is to sell the vacation home and use the profit to pay off debts. Another option is to co-own the vacation home as an investment. A third option is for one party to buy out the other party’s share, which may mean one party gets the marital home and the other gets the vacation home.
What considerations should you think about?
The most obvious consideration is the financial obligation that comes with a vacation home. You’ll be solely responsible for paying everything related to the home, including the mortgage, insurance, upkeep, maintenance, repairs and taxes. You may have to refinance the mortgage, which is also a consideration.
Another consideration is determining if the location is still desirable. This is especially important if you’re considering using the vacation home as your primary home. If you have children, the distance between parents may be a factor to think about.
The vacation home is only one part of the property division process. Taking the time to evaluate the available options before making any decisions may help to ensure the decision is in your best interest.