If you own a timeshare in a Georgia divorce, what happens to it during proceedings? Dissolving the bond of matrimony between married couples is a cause of distress, depression and takes a toll on the health of anyone who’s emotionally involved and vested in the marriage. A divorce touches every single aspect of your life, from your property, assets, money, and even the time you will spend with your children.
Under these disturbing situations, division of timeshare is an equally challenging task for both the parties involved. Georgia residents may come across a mounting conflict when distributing the assets during a divorce. Timeshare in Georgia divorces shouldn’t be too tough, complicated, or heavily complexed, however; at least in most cases.
The reality is although rather peculiar in nature when it comes to a timeshare in a Georgia divorce as the options are quite similar to the rest of the couple’s other assets. To make it simpler and easier, here are some of the handy options available which largely depend upon the parameters of the divorce.
According to a study by the American Psychology Association (APA), the rate of divorce in the U.S. lies somewhere between 40-50%.
There are various options when it comes to finding a way around timeshares in Georgia divorces:
One Spouse Purchases Another Out:
Under this situation, one spouse will retain the timeshare in a Georgia divorce after making the payment upon a mutually agreed figure or part of the total estimated amount. Anticipating the cash worth of half of the timeshare can be a challenging task, altogether. An attorney may assist you in concluding the value wisely and rationally.
A buyout option is a great option available if one of the spouses’ worth is more timeshare in a Georgia divorce than the other spouse’s. For instance, if your timeshare is situated in the mountains while your spouse admires holidaying on the beaches, it’s more suitable and apt to retain it under such circumstances.
Selling Your Timeshare in a Georgia Divorce:
If no one is willing to return to the timeshare, it’s advisable to sell it out. The total profits will be distributed among the spouses. Divorce lawyers may help you with all your queries concerning the sale. Additionally, they will guide you with the division of finances from the timeshare. Timeshares are normally bought for the perfect holidays and family vacation times; neither of them wants to recall the memories from the past.
There are endless scenarios where one wants to retain the share while the other is perfectly content with it. A timeshare can often be sold via a real estate agent and even through a timeshare company. The benefit attached to this option is that you won't bear the financial loss that could result from selling it in the open market.
A lawyer can aid you with the sale if you have already recruited a buyer for the purpose. It requires letting your attorney dig into the paperwork and view the related transactions regarding the timeshare.
Sharing of the Timeshare in a Divorce:
Sharing is a good choice if no one agrees in letting it go among the two parties. Sharing is the perfect solution in case of a deadlock as both parties fail to reach a common ground for the distribution. The downside is that you are forced to keep some level of interaction with your former spouse.
Both of them will share the burden of maintenance and the other associated costs attached to it. Under this scenario, you are bound to remain in contact with your ex-spouse for some of the crucial matters. This is necessary for arranging, resolving, and other variables associated with it.
The sharing of the timeshare can only work under mutual and easy-going divorces. If you and your spouse are amicably ready to share, it is important to ensure that you include the details of this in your separation agreement. Everything should be addressed in the agreement so that there are no surprises down the road.
Contact a Lawyer:
It’s equally important to take into account the emotional setback and trauma attached to the divorce proceedings especially if it also involves the children in it. Is it acceptable and fine with your ex-spouse to move on in life with the new partner and the kids to the timeshare and vice-versa? This is one of the crucial matters which need to be addressed before deciding to distribute the Timeshare in Georgia divorce.
An attorney at your disposal eases out the whole process while you are already battling an emotional tragedy. The choice of legal representation is critical at such a point in time. Your timeshare is an asset and will be divided accordingly. You need to give it a thought in how you want to approach this asset.