In a divorce, some property division, such as car distribution, is easier and less complicated. But what about other types of jointly-owned property? For example, how do you divide a timeshare in divorce?
Is the timeshare separate or community property?
One thing spouses going through a divorce must consider is whether or not the timeshare is community or separate property. Separate property is property owned by one spouse prior to marriage, or property that a third party gave to the spouse. For example, if the wife’s mother and father left the timeshare to her, solely, during the marriage, it is likely separate property.
On the other hand, community property is property acquired by both spouses during the marriage. In Texas, spouses must divide community property in an equitable and just manner.
Who wants the timeshare?
In some cases, one spouse may be much more interested in a timeshare than the other. When this is the case, the spouses may reach a compromise of sorts. For example, the spouse who wants the timeshare may be able to buy out the other spouse, or negotiate an equitable trade (the timeshare for another asset of similar value).
When Both Spouses Want the Timeshare
When both spouses want the timeshare, things can get ugly. The best way to resolve an issue such as this is to attempt a compromise and set rules about who can use the property and when, similar to what would occur during a child custody arrangement.
Note: If there are fees for the upkeep of the property, the spouses may need to divide these evenly as well.
Dividing the Timeshare
Often times, the best bet is to sell the timeshare and divide its value between the two parties. This is especially true when parties cannot come to an agreement about the use of a timeshare or do not want to deal with the hassle of the timeshare.
Property Division During Divorce in Texas
To learn more about property division during a divorce in Texas, and to work with an advocate who will protect your best interests, speak with a property division attorney today.
Serving Dallas and surrounding areas, The Texas Divorce Lawyer knows how messy divorces can be, and will do everything possible to resolve disputes in your divorce as quickly and as fairly as possible. Contact us at 214-265-7630 for a consultation.