Many high-asset couples have, at least, a family home and a vacation house. If that sounds familiar, you are probably facing twice the real-estate work during asset division.
There are many considerations the court might make when deciding on this. Of course, if you are able to reach a fair agreement, it is likely that the court would approve it.
Factors in home division
Dividing a piece of real estate is different from dividing a bank account, for obvious reasons. It often goes beyond simple division. As explained on FindLaw, a divorce judge might consider the following when deciding
who should have your house:
- Where you and your spouse intend to live
- Who made the mortgage payments
- The value of the home
- The financial, physical and mental health of you and your spouse
These types of concerns are typically more important for your primary residence then they are for your vacation property. However, it could be good to look at all aspects of ownership in the same way for both.
Division strategies
Your property division strategy will probably depend on your goals. Is the vacation house a desirable asset for you, or would it be simply another thing to maintain? Do you have a strong sentimental attachment? Would it be feasible to share it with your ex-spouse? Would you both rather sell it and split the proceeds?
Every strategy has its own set of benefits and drawbacks. You deserve a solution that works for your specific situation.
Even if you have already decided about who gets the house, there could be other concerns. For example, the expenses of maintaining real estate versus those of maintaining other property might need balancing.
