A vacation home can be quite valuable. It might serve as an income property, and its value can quickly increase. On top of that, you might enjoy the time that you get to spend at the property.
For these reasons, people often fight tooth and nail to keep a vacation property when they’re dealing with it in their divorce.
But advocating for a vacation home has its risks, as it’ll likely require you to give up other valuable marital assets. So, is fighting for a vacation property in your divorce right for you?
Should you seek to keep a vacation home in divorce?
It really depends on the circumstances. However, here are some considerations that you’ll want to take into account before making the decision that you think is right for you:
- The costs associated with maintaining and repairing the vacation home over time.
- The amount of income that can be generated from the property.
- The tax obligations tied to the property and any income that is obtained from it.
- The assets you have to give up to keep the vacation property.
- Whether continued co-ownership with your spouse is an option.
- Whether you’d be better off selling the property and using the funds to stabilize yourself in your post-divorce life.
- Any emotional attachments you have to the property.
Advocate for the property division that’s best for you
The outcome of your divorce will impact your finances for a long time to come. That’s why you have to diligently craft a legal strategy that positions you for success in your high-asset marriage dissolution.
Don’t hesitate to start gathering evidence and thinking through your negotiation and litigation strategies. The sooner you get to work, the better positioned you’ll be to secure the outcome you want.