Vacation homes are typically high-value properties. Ending your marriage will necessitate dividing those assets and properties. When properties other than a primary residence come into play, the next steps you and your attorney take are crucial to determining whether or not you will receive what you deserve from the sale of those assets.
Like other assets, it is vital to make sure that the value of your vacation home is properly assessed during divorce proceedings. It is possible, and even likely, that if you and your spouse are separated during the proceedings that one of you will use the second property.
You and your spouse may decide to continue sharing use of the vacation home. However, the details of a sharing agreement often prove too complicated to bear out in reality. It is important to objectively assess the importance and value of the vacation home to determine whether or not selling is better than sharing.
Yet another complicating factor can affect the value of your vacation home; the real estate market. For example, the median sale price of vacation home sales surged from 2012 to 2013 by almost 30% according to the National Association of Realtors. A detailed understanding of the market can greatly affect the outcome of asset division during your divorce.
As with all issues in a divorce, there is no prescribed course and no best way to handle vacation homes. A divorcing couple must examine all aspects of their finances, and take that information into account. Of course, having an emotional attachment to a home can change the game; you may be willing to keep a property regardless of the cost if it is important to your family.
Our skilled attorneys are experienced in the complexities of high-asset divorces, and can help you clarify priorities during an emotionally charged time. In addition to vacation homes, there are likely other investments as well as stocks, pensions, and retirement plans. If you are looking for experienced representation during a high-asset divorce, look no further than Cynthia H. Clark & Associates, LLC Contact us today to reserve a consultation.
As always, an amicable agreement is preferred. However, if you and your spouse are unable to reach an agreement, the court will provide a solution. Regardless, having the experienced lawyers of Cynthia H. Clark & Associates, LLC on your side will ensure that you keep the assets that are important to you. Please contact our firm to reserve a consultation.