If you are getting a divorce, one of the things you will need to do is figure out how to divide your property. Louisiana is a community property state, meaning that you are supposed to divide all assets equally. However, this only means that you are supposed to end up with a roughly equal similar amount of marital property and not that every single asset you own must be split in half between you.
Dealing with a timeshare
On top of the home, the cars and the retirement accounts, there may be other assets, including a timeshare. While this must be divided like any other assets, there might be a few special considerations for this type of property. One or both spouses might be sentimentally attached to it, or it might be an unwanted reminder of the marriage that is ending in divorce.
Considering options
Selling the timeshare and splitting the proceeds is one option. The difficulty here is that it might not sell quickly. People should also be alert to any unscrupulous resellers. Another option is for one person to buy out the other. This may be the best solution if one clearly wants to keep it and the other does not. Finally, if they both want to keep it, they might agree to continue co-owning it and using it at different times. This does require that they remain in touch, and they should also be clear about what each person’s rights and obligations will be, who will pay for fees, how repairs will be handled and any other potential points of conflict.
The process of dividing property can be a difficult one, but couples who are able to negotiate an agreement will have more control over the outcome than if they went to court. Attorneys can help in these negotiations. However, people also need to be realistic about what their financial situation may be after the divorce and what they can afford.
