How are vacation homes divided in divorce? | Columbus Family Law ...

In earlier, more prosperous times, the family home used to be a highly-fought-over asset, with many divorcing couples using its value as a tool to get what they wanted out of the divorce. Others, facing the high costs of a divorce and dividing their single household into two, simply sold the family home and used that income to fund their divorce and post-split life. Unfortunately, as many Columbus residents well know, that is no longer the situation for most Ohio homeowners.

Now, it is not uncommon for a house to be worth significantly less than what is owed on its mortgage. As such, it has become a difficult asset to divide in divorce. So what happens when a couple owns not just one, but two houses?

According to a recent report from the National Association of Realtors, U.S. homeowners purchased more than 500,000 vacation homes in 2011. This was 7 percent more than the number bought in 2010, with the increase largely attributed to the homes' low prices and equally low mortgage interest rates.

Unfortunately, vacation or other second homes must be divided in the same manner as primary residences. Divorcing spouses often decide to simply sell the home and split the proceeds. But the same economic factors that made that home affordable to them may make it impossible to sell for a profit - or at all.

As such, many couples decide to refinance the home in one spouse's name alone. Depending on the size and location of the house, this may actually be a blessing in disguise, preventing the couple from having to fund an apartment or other residence, in addition to the family home, after they split. It will also give children a familiar place at which to visit their parent.

Source: Pegasus News, "Separating collateral: How to deal with a second home during divorce," Candy Evans, Oct. 1, 2012

Source: http://www.columbusfamilylawyerblog.com/2012/10/how-are-vacation-homes-divided-in-divorce.shtml

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