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Don't forget your timeshare during divorce

If you and your spouse are divorcing and the two of you own a timeshare, it's essential to give some serious thought to the best way to handle it. In a best case scenario, the two of can agree on how you want to deal with your timeshare so that you don't spend time and money battling over it. There are three primary options, depending on whether one or both of you wants to keep it.

If one of you wants to continue to use the timeshare and the other doesn't, the spouse who wants it can buy out the other's share. If you do this, you need to have it appraised to determine whether it's an asset or liability. If you still owe money on it, you should specify in your divorce agreement how much each person will pay to cover the debt.

If the two of you both want to continue to use the timeshare, you can work out a plan to share it and for the cost of it to be split. This plan should be detailed in your divorce, as things can get sticky if spouses decide they want to use a property at the same time or use up all of the designated time for a year.

Some couples opt to sell their timeshare. They may not want to return to a place where they had happy (or unhappy) vacations. They also may decide that they need the money for more important things as they begin their separate lives.

Be aware that you will probably lose money on the sale because timeshares depreciate in value. It's also important to be cautious about how you sell it and beware of brokers who want large, upfront fees. The website Timeshare Users Group (TUG) helps people buy and sell timeshares.

Dealing with a timeshare in a divorce can be complicated, no matter what you decide to do with it. Therefore, it's best to tackle the issue as early as possible in the proceedings. Your Louisiana family law attorney can provide valuable guidance.

Source: Resort Company Information, "How To Handle Timeshares in a Divorce," accessed Aug. 10, 2017

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