Your vacation home probably holds a lot of memories for you. If you have children, watching them have fun in that home during the vacations was probably a great source of joy. It might be hard to think about, but that vacation home can become the source of trouble when you divorce.
Many people focus on the marital home during a divorce. If you have a primary residence and a vacation home, the battle might be who is going to take which home. Before you make any decisions, there are some factors you need to consider.
Where will you live full time?
Some people might want to move into a vacation home after the divorce. Think about whether this is realistic for you or not. Consider your career and the children’s schooling. Look at the cost of living where the home is located. All of these will help you determine if you can really move into the vacation home or not.
How will the vacation home fit into your budget?
If you aren’t planning on moving into the vacation home full-time, you need to consider how the expenses of it will fit into your budget. If the property will have a mortgage, you have to pay that. You also need to pay for upkeep costs, homeowners’ association fees, insurance, taxes and all other expenses for the property.
The entire property division process must be considered carefully when you’re going through a high-asset divorce. Each decision you make has the possibility of having a major impact on your future. It’s best if you can think logically instead of emotionally during this process. Having someone on your side to review the proposed divisions may help you to do what’s in your best interests.