How Are Vacation Homes Divided in a Divorce?
Your vacation home may hold the same or closely similar monetary value and sentimental value to you as your place of primary residence. So you may be arguably more devastated about losing this real estate property in the wake of your divorce from your former spouse. With this, please follow along to find out how vacation homes are typically divided and handled in a divorce and how one of the proficient Somerset County property division lawyers at the Law Offices of Kisha M. Hebbon, LLC can help you get your preferred outcome.
How are vacation homes divided in a New Jersey divorce?
If you and your soon-to-be former spouse purchased your vacation home together during your marriage, then the New Jersey family court will categorize it as a marital asset. With that, your vacation home and the rest of your marital assets will go through the court’s equitable distribution process. Specifically, this has the court consider what is a fair and reasonable division.
Further, “fair and reasonable” means that your and your spouse’s interests are equitably represented, rather than a deliberate 50 percent by 50 percent split. So, you may not get the equal split of your spouse getting your primary real estate property while you get the vacation home, or vice versa.
Rather, it is quite possible that your spouse can get ownership rights over both properties. This is while you might get a fair share of other marital assets that the court believes you can handle financially, given your income and earning capacity, its tax implications, and many other extenuating circumstances.
What are other options for handling my vacation home in my divorce?
You may be nervous to leave the fate of your marital property, especially your beloved vacation home, in the hands of the New Jersey family court. This may be especially true if you and your soon-to-be former spouse have distinct preferences on how this plays out.
So, if you can remain amicable with your spouse, it may suit you both to mediate on how your vacation home and other marital assets are handled. Potential options that you may negotiate for your vacation home include the following:
- You and your spouse can agree to split ownership rights over the vacation home and create a fair visiting schedule.
- You and your spouse can agree to sell the vacation home and split the proceeds evenly.
- You may offer to buy out your spouse and keep the vacation home for yourself, or vice versa.
- You and your spouse can agree to transfer the title on the vacation home to your shared, adult children.
With any of these decisions, you must ensure that you and your spouse are financially capable of upholding your end of the bargain, so to speak. In conclusion, if you require legal representation, look no further than one of the talented Somerset County family lawyers. The client testimonials on our website speak for themselves, saying that you will not regret hiring the team at the Law Offices of Kisha M. Hebbon, LLC.
