Division of vacation properties may be included in equitable division of assets for many couples maneuvering the divorce process. In these cases, multiple financial aspects must be evaluated. Such aspects include: the value of the property, and whether it is located in the United States.
Additionally, both parties involved in the divorce will be faced with the decision to either keep or sell the vacation home, which will have different tax implications depending on what the court decides. Laws pertaining to equitable division of vacation properties typically differ from laws pertaining to the division of a couple’s primary residential property. Becoming informed on these laws is paramount.
At Law Office of Bradley R. Tengler, P.C. we have the necessary experience to guard your rights to your vacation property as you maneuver the divorce process.