If you are going through a divorce, you likely understand the importance of coming up with a fair settlement. After all, both you and your soon-to-be ex-spouse worked hard to build your marital estate. This is true even if you chose to stay home and raise your kids instead of going to an office.
According to Florida law, divorcing spouses usually receive an equitable share of their marital assets. If you acquired your vacation home during your marriage, it is probably a marital asset you must divide. Still, it may be possible to continue to jointly own and use your vacation property after your divorce.
Think about legal ownership
It is not uncommon for married couples to own property in only one spouse’s name. If you intend to share your getaway residence with your ex-spouse, you should think about legal ownership. That is, you may want to secure a deed that lists both you and your ex-spouse as owners. Otherwise, your ex may have an unfair advantage in the future.
Even if you are not on particularly bad terms with your soon-to-be ex-spouse, the two of you may not want to show up at your vacation property at the same time. Therefore, if you decide to continue to jointly own the place, you probably want to come up with a usage agreement. This agreement can not only cover usage but also can address upkeep and maintenance.
More frequently than ever, divorcing spouses are coming up with unique ways to deal with marital assets during divorce. Ultimately, if both you and your spouse want to keep your vacation property, you can probably figure out an acceptable way to share it.