What Does Divorce Mean for Your Vacation Home?
If you own a vacation home, odds are that you consider it a place of serenity and fond memories. When couples separate and divorce is on the horizon, the question is inevitably asked: “What happens to our vacation house?”
First, you and your spouse can always agree on what to do with your vacation home. Examples of the types of agreements you and your spouse could reach are: agreement to sell it and divide the proceeds, one spouse could buy-out the other spouse’s interest and keep the home, or perhaps the home becomes part of a bigger picture estate plan or trust so that children and grandchildren may continue to enjoy it, despite any divorce. You can agree with your spouse about the fate of your vacation home at any time during the divorce process. You don’t have to wait until the divorce is final.
Continue reading this post on our Divorce Law Source blog: https://www.divorcelawsource.com/settlements/what-does-divorce-mean-for-your-vacation-home/