Investing in a vacation property usually makes good financial sense. After all, adding some land to your investment portfolio is a good way to diversify. A vacation home also lets you escape the grind of everyday life and relax in a fun or scenic place. If you are thinking about a divorce, though, you may wonder what happens to your vacation property.
There are so many fantastic places inside and outside of Ohio to own a vacation home. If you have the perfect parcel, it may be the most valuable asset you own. The property may also have significant sentimental value. Here are three suggestions for dealing with your vacation property during your divorce:
1. Determine the property’s value
Divorce proceedings require you to come up with a realistic value of all marital assets. That is, the family law judge must decide which property is marital and which is separate. You can probably keep your separate property while a judge divides marital property equitably. You may need a couple of independent appraisals to determine how much your vacation home is worth.
2. Consider obstacles to selling
Selling your vacation property and splitting its proceeds may make sense. As you probably know, a growing number of individuals choose to use their vacation homes as a way to make money. If you list your property through a vacation rental service, you may have contractual obligations that prevent you from selling it.
3. Discuss sharing the property
If you and your spouse love your vacation home, you may want to share it after your divorce. Doing so likely requires some planning. You should think about how to allocate upkeep costs. You also must create a visitation schedule for the property. If you want to continue to rent the home to third parties, you must also decide how that should work.
With a bit of diligence, you can likely come up with an acceptable way to address your vacation home during your divorce proceedings. Whether you decide to sell or keep the property, working with your partner to draft a plan is probably your best strategy.