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How to handle vacation assets in an Indiana divorce

On Behalf of | Jun 18, 2024 | Divorce |

Married couples frequently acquire a variety of different assets together. They may purchase real property, furniture and vehicles. They may also make investments to ensure their comfort and enjoyment during vacation travels.

There are many types of vacation investments that couples might acquire during a marriage. Some people buy cabins or beach houses near a lake. Others might invest in a timeshare, especially if they enjoy skiing in another state. Some families even acquire recreational vehicles (RVs) to promote family togetherness while traveling. Those vacation resources can sometimes be difficult to properly address during divorce proceedings.

How can people effectively address vacation resources in an Indiana divorce?

By establishing their value

As with any other type of asset, one of the first considerations when handling vacation property is what the property is actually worth. Some assets, like a cabin, can be easy to value. An appraiser can determine the current fair market value for the property relatively quickly. Other assets, like timeshares, can be much harder to properly value. They may be difficult to sell for an optimum price on short notice. People need to accurately determine what their resources are worth to equitably divide their property.

By setting clear priorities

Perhaps someone intends to continue vacationing at the lake house or cabin with their children after the divorce. Maybe they are the one who likes to ski, meaning that the timeshare is something they value. Other times, the memories attached to the property or the maintenance requirements it creates might make someone eager to relinquish their ownership interest. Spouses need to know what they want to achieve when addressing high-value assets.

By looking at the big picture

Both financial and emotional value can be an important consideration when dividing marital property. People who focus on their long-term goals and top priorities during divorce are less likely to end up embroiled in needless emotional disputes with a spouse. People can potentially arrange for a spouse to buy them out of a cabin or factor in the value of an RV when making other choices about property division matters. A focus on the big picture of being happy after divorce instead of perseverating over every minor detail can make it easier for people to negotiate property division matters and make appropriate concessions.

Addressing complex assets during divorce negotiations can be a challenging prospect. Spouses with more complex personal holdings may need to prepare that much more carefully for property division proceedings.