If you have decided to end your marriage, you will be faced with many decisions that affect you both emotionally and financially. As such, you should make sure you’re properly prepared to go through the process of dividing your marital assets. This applies to any property acquired throughout the duration of your relationship, including a vacation home. It’s natural to seek legal advice about what will happen to it in the divorce. Here is a general overview of how second homes are taken care of when a couple splits. 

How Are Vacation Homes Handled in a Division of Assets?

Nebraska Division of Property Laws 

When it comes to dividing property, Nebraska is an equitable distribution state. This means marital assets will be distributed between spouses in a manner that is considered just and reasonable. In cases where parties are unable to reach an agreement among themselves, the court will consider several factors to determine what is equitable. This includes the length of the marriage, each spouse’s monetary and non-monetary contributions to the acquisition of property, and what one spouse may have sacrificed to benefit the marriage.

Equitable distribution is focused on achieving a fair outcome, which doesn’t necessarily mean assets will be divided evenly. It is possible that one spouse could receive more than 50% of the property. A vacation home will be treated just like the marital residence during divorce proceedings. A local attorney will have an in-depth understanding of Nebraska law to provide you with legal advice during this time. 

Options for Dealing With a Vacation Property 

You and your spouse will have a few different options to consider when deciding what to do with your vacation home. The most straightforward solution is to sell it and divide the profit evenly. You may also want to continue to share the property if you parted on good terms.

Each of you would take responsibility for half of the upkeep expenses and set a schedule for when you both would use it. Finally, one of you may buy out the other’s interest and take over the ownership alone, either keeping it as a primary residence or a vacation home. Before deciding what to do, seek legal advice. 

If you have made the difficult decision to get divorced, you need to understand how your marital property will be handled. You can count on a divorce attorney from Payne Law Office in Lincoln, NE, to provide you with sound legal advice through difficult family matters. They have extensive knowledge of family law and years of experience working on cases involving complex division of property issues. Call (402) 477-7246 to get the legal advice you need to protect your financial future.