If you are in the process of ending your marriage, you undoubtedly realize you must divide everything you and your soon-to-be ex-spouse jointly own. According to the Maryland Judiciary, though, you do not have to leave property division up to the courts. Indeed, you have the opportunity to negotiate an acceptable property settlement with your husband or wife.
During your settlement negotiations, you should not forget to address every marital asset you have. This includes your vacation home. Luckily, you have some options for dealing with the property.
Should you put the home on the market?
It can be challenging to sell a vacation spot, particularly during certain parts of the year. Still, if your home is in an in-demand area, you may want to consider putting it on the market. After all, dividing cash is typically a much simpler endeavor than trying to split up a physical piece of property.
Can you share the residence?
You and your soon-to-be ex may have some fond memories of happier times at your vacation home. The two of you also may want to continue to use the property in the future. If so, you may be able to come up with a shared-ownership arrangement.
In your shared-ownership agreement, you should not forget to address upkeep, maintenance, improvements and other property-related expenses. Likewise, you should formulate a workable usage schedule that outlines when each of you can be at the property after your divorce.
If you and your husband or wife cannot come up with an acceptable settlement, a Maryland court must divide your wealth equitably. Ultimately, this means you should at least receive a fair share of your vacation home’s value.