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How does a vacation home affect property division?

On Behalf of | Jan 28, 2025 | Family Law |

Going through a divorce can be challenging, partly because of the property division that has to occur. For some couples, having a vacation home makes the situation even more complicated. 

A vacation home doesn’t usually have as much of an emotional tie as the primary marital home, but it’s still a place that has considerable memories. This can make it challenging to determine what to do about the home. 

3 options for the vacation home

There are three primary options for what to do with the vacation home during a divorce. One option is to sell the home, pay off any loans that are outstanding on it and divide what’s left. This could allow the couple to pay off marital debts, which may put each person on a better financial footing. 

Another option is for one party to buy the other’s share of the vacation home. This can be done through a loan, shifting other assets or a cash payment. In some cases, one person may take the marital home while the other takes the vacation home. 

The last option is to continue joint ownership of the vacation home. This could enable both parties to have use of the property. They may also be able to rent the property out, especially if it’s in a tourist area. 

Determining what to do with the vacation home is only one part of the property division process. Working with an individual who can go through the options and explain how each may impact the present and future may be beneficial.