Extras Like Second Homes Or Season Tickets: Sell Or Divvy Up?

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Extras Like Second Homes Or Season Tickets: Sell Or Divvy Up?

23 August 2016
 Categories: Law, Blog


Dividing assets is often one of the more time-consuming parts of getting a divorce, and it can be one of the more distressing if there are a lot of fights around a particular item. Many people focus on things like the house, the cars, the pets, and so on, but there are other items that need to be taken care of quickly so you can get them off your plate. Things like second homes, timeshares, season tickets, and so on eventually have to be dealt with.

Greater Percentage of Payment or Use

One option is to let one spouse pay off the other spouse if the first spouse uses these items most or put the most money toward buying them in the first place. It allows the first spouse to keep using the home, ticket, or what have you while not cheating the second spouse out of the equivalent money. This works best when one spouse is not that concerned about what happens to the item as long as the spouse who is keeping the item pays out appropriately.

One Less Thing, Plus More Money

Of course, selling the item entirely and splitting the proceeds is another option, and this works best in two cases. One is when neither spouse is that interested in hanging onto the item. May as well sell it, then, and just take the money, which can help with legal bills from the divorce. The other option is when the cost of buying out the item would be so great that the spouse who wants to buy it just can't do it. It may be better to sell the item and then look for another version that the one spouse can afford.

Trades

If the divorcing couple have a lot of extra items like these, a trade could be a good solution, too. One spouse takes the season tickets while the other takes the long-term cruise tickets, for example. Or one spouse takes the second home while the other takes several other items in exchange.

It's always possible to negotiate all these yourselves, but it's easier to have a lawyer work with you. Not only will you end up with an agreement that was carefully negotiated, you'll also end up with a legal document that can help you should the divorce turn sour later on. If you and your spouse are not handling the divorce well, though, then talking to lawyers -- each of you should have your own -- is a must if you want to reach the fairest settlement. Contact a firm like Law Office of Dalia Rasha Kejbou, P.C. for more info.