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If you and your spouse purchased a vacation home or timeshare together, you likely did so with the intention of using it for years to come. Most don’t consider what might happen should the marriage fail. Perhaps you do want to file for divorce, though, and are now wondering who gets the house. Here, a seasoned divorce attorney from O’Neill Law Firm, LLC in La Crosse, WI, explains what could happen to the vacation home during the proceedings. 

If You Want to Share It

If the property has sentimental value or provides a source of income, you may both feel inclined to keep it. For those who want to cut ties entirely, sharing a vacation home (or any home) is obviously not ideal; however, those who share children and have to co-parent can usually find a way to make it work. A family lawyer can help you devise a reasonable arrangement that works for both parties and addresses all potential issues to prevent future disputes. 

If One of You Wants to Keep It

divorce attorneyIf the home is gifted or inherited by one of the spouses before or even during the marriage and remains titled with that spouse, the asset remains that party’s property and is not divisible in divorce. However, there are exceptions that a seasoned attorney can identify, but these instances are rare. 

If the vacation home is purchased together and one party wants to keep it, he or she can buy out the other party or negotiate for it in the divorce settlement. 

If You Want to Sell It

Many couples opt to sell vacation homes in the event of divorce so both parties can get a fresh start. Depending on the market and the condition of the property, this can also provide additional capital, which will facilitate the transition to life after divorce. In most cases, both parties are entitled to any profits, but it’s best to confirm with your divorce attorney. 

If you’ve decided to end your marriage, turn to a compassionate divorce attorney at O’Neill Law Firm, LLC. Based in La Crosse, this firm is well versed in Wisconsin family law. Their areas of expertise include custody, child support, grandparents’ rights, paternity, adoption, and spousal maintenance. Visit their website to learn more, or call (608) 519-3551 to schedule a consultation with a strategic divorce lawyer today. 

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