The Fate of the Family Vacation Home in the Event of a Divorce
Posted on: August 10, 2022
Going through a divorce is not for the faint-hearted, it can be taxing both mentally and physically. Part of the process is determining asset division and things can get tricky when it comes to property, as they tend to hold the most value. You may be wondering what will happen to that precious vacation home you both own, what will be the outcome?
The fate of the family vacation home could result in more than a couple ways. To get the outcome you desire, you need a family law attorney that will give you the best representation possible. Michelle L. Tran has the family law experience that will prove beneficial to your case. Call (949) 585-9055 to schedule a free consultation or you can easily schedule one online.
Continue reading below to learn about the possible outcomes of the family vacation home in the event of a divorce.
Co-ownership
Divorce doesn’t always have to be messy. It is entirely plausible that the couple can agree to keep co-ownership of the vacation home if the divorce was amicable. They would simply need to plan their visits so there are no overlapping vacations. In an ideal world, this would be the simplest of outcomes.
A Buyout
A spouse can seek to acquire sole ownership of the vacation home by utilizing a couple procedures. One can simply pay the other spouse for the rest of the property’s value, or they can trade something equal in value during the asset division process. Typically, those items could be the main house, a car, jewelry, etc.
An expert Family Law attorney, like Michelle L. Tran, would recommend before any property buyout to request a fair property value evaluation so you’re not overpaying or not getting paid enough.
Selling the Property
If no deal can be decided upon because the two ex-spouses cannot agree, it may be recommended to simply sell the property to get a return on investment. This may not be ideal due to sentimental reasons, but it is the fairest option to land on if no agreement cannot be made.
Reach Out to Us Today
If you are going through a divorce, don’t hesitate to get in contact with our expert Family Law attorney, Michelle L. Tran. You need fair representation to achieve your desired outcome when it comes to asset division and your family vacation home. Call (949) 585-9055 today to schedule a free consultation, or you can easily schedule one online. Don’t wait, we can begin helping you at a moments notice.
