A vacation home can be a source of joy and retreat, and the property often has a lot of sentimental value for the family who utilizes it. A vacation house can also be a way to earn some extra income as a rental property. But what happens to a vacation home in a divorce? What factors determine which spouse keeps the property? Below, the family law attorneys at Lane, Felix & Raisbeck CO, LPA, in Cincinnati, Ohio, answer these questions in detail.

Marital Property

Ohio is a community property state, which means that any assets acquired during the course of the marriage are subject to division in a divorce. If your vacation home was purchased at any point during your marriage, family laws will consider it a jointly-held asset in the split. But, there are a couple of notable exceptions to this rule.

If, for instance, one spouse entered the marriage already owning the property, it will almost always remain with that spouse after the divorce and will not be vulnerable to division. Another exception: If one spouse purchased the home with an inheritance they received in their name only, it could potentially be retained by that spouse should the marriage end.

Some Options

Deciding what to do with a vacation home can be a contentious subject in a divorce, but you have options to be aware of. First, you and your spouse could sell the property. This could bring in a tidy profit that you both could split--though, obviously, this means losing the home. For those with a deep attachment to the house, there are other possibilities.

You and your spouse could agree to continue jointly owning the home and evenly dividing the expenses associated with it. As part of the divorce settlement, you would include mutually agreed-upon terms for amicably sharing the property. For instance, one spouse may get the property for six months out of the year, and the other will get it the other six months. Or, for a home primarily used in the summer, spouses might alternate occupancy every other summer. You can really customize whatever plan works, so long as both of you agree on it.

Any type of asset and property division in a divorce can be a complex matter. Trust the attorneys at Lane, Felix & Raisbeck CO, LPA, to look out for you. In addition to family law issues, they also represent clients in a variety of other practice areas, including criminal law, probate, and real estate cases. Call (513) 922-7700 or visit their website to schedule a consultation today.