A high-asset divorce typically deals with issues that far less affluent couples ever encounter. That’s both a blessing and a curse, as it can make the disposition of marital assets more complex.
Alternatively, it also offers divorcing spouses additional options when negotiating which assets they receive from the marriage. Read on to learn more about which factors may guide the decision of what to do with the vacation home.
Why it can be worth the effort
If summers at the shore house have been an integral part of your family traditions, then your vacation home could be an asset worth fighting for. It could also become your primary home, leaving the main house to your other spouse and maintaining continuity for the children.
Why it’s also a great bargaining chip
A vacation home is often a highly sought asset by both parties in a divorce. Especially if it has been in the family for many years, both parents and the kids can have long-established summertime friendships and activities they want to maintain.
But if one parent isn’t as emotionally or otherwise invested in keeping the shore house or other vacation property, they may be willing to sign over their interest in exchange for another asset of similar value. A larger share of the retirement assets might be a good trade-off in some circumstances.
How selling it later can be an option
Couples can also kick the big decision down the road a bit. Agreeing to keep it for now and divvying up a schedule for its use allows continued enjoyment of the property and the possibility of later selling it during a more stable market phase.
When dealing with a high-asset divorce, it is always wise to know the true value of all your assets before trying to negotiate a property settlement.
