Divorce and splitting timeshare

[chantal72]

I own a deeded timeshare with my ex-husband. We've been splitting the maintenance fees and alternating years. In the divorce decree, it states that I have even and he has odd years. He now wants out. He wants to try to sell it outright or pay me 1/4 of the original purchase price to take it off his hands. I'm not sure that I want to give up my half, yet I don't know if I want the $720/yr maintenance fees all too myself either.
I was wondering, is there any way he can sell just his part as EOY type?
Any advice for a divorced situation would be appreciated...

 

[T_R_Oglodyte]

I own a deeded timeshare with my ex-husband. We've been splitting the maintenance fees and alternating years. In the divorce decree, it states that I have even and he has odd years. He now wants out. He wants to try to sell it outright or pay me 1/4 of the original purchase price to take it off his hands. I'm not sure that I want to give up my half, yet I don't know if I want the $720/yr maintenance fees all too myself either.
I was wondering, is there any way he can sell just his part as EOY type?
Any advice for a divorced situation would be appreciated...

From your post, I infer that the timeshare deed is for an every year usage and that the every other year arrangment is simply part of the settlement.

To convert this to an EOY would involve splitting the deed in two, and getting the resort to go along with the conversion. It's probably not worth doing; that would involve a lot of effort and legal time. You and your ex would be better off simply selling the entire unit and splitting the proceeds. If that's a resort where you want to own, then you just by an EOY on your own. Or use the proceeds to buy a different timeshare that might fit your needs a bit better.

 

[Carolinian]

I know of one similar situation on the OBX, where an out of state court awarded alternating years to the spouses. The property division judgment was never made a North Carolina judgment to be recorded in Dare County. The covenants at the resort expressly did not allow splitting ownership that way, but the resort went along with it. Eventually, the husband agreed to convey to the wife, reuniting the title.

If the resort does not have EOY ownership now, I suspect they will not allow a half interest to be conveyed to a third party. The covenants may not even allow it if they wanted to.

 

[jef]

If you enjoy using it and you think you can rent it out every other year for enough to cover the maintenance why not keep it since (if I read your post correctly) you ex is willing to pay you to take his share.

 

[CaliDave]

If he is going to pay you and you own it free and clear. Take the offer.. then worry about what to do with it.

If you are paying him 1/4 of the purchase price. That might be too much. Maybe people spent $15K orginally for a timeshare and its worth $2K or less now.
You'll want to aks on Tug or research the market value.

 

[CaliDave]

Some annual timeshare can be easily split. Annual Bay Club is Hawaii is deeded as 2/104 share. It can be re-recorded as 1/104 share.
I believe Marriott Newport might be the same way.

 

[zendala]

I think all of the above suggestions are good. Perhaps if you stated what resort and week you own, others may be able to give more directed comments about the about the economics of the situation and its feasibility, keeping it whole, splitting it, renting it etc.

At the least I think you should check some resale websites and E-bay and see if your unit is out there - How much you could get if you sold it? How much EOYs at your resort are going for?

Of course you need to look at the most conservative prices...so many are out there listing units for sale for $30K that they will never see.

 

[PStreet1]

I'd take his offer of 1/4th of the purchase price. It's highly unlikely that if you sell it outright it will sell for any more than that for the total ownership. (I know that sounds difficult to believe, but it's true.) Then once you own all of it, you will be able to sell it and get out from under the maint. fees if that's what you want. You may even be able to sell the whole thing for 1/4th of what you paid for it--which means you'll get 1/2 of what you paid for it counting what he pays you. Take the deal; it's a good one.

 

[LisaH]

I would agree with PStreet1 ONLY if the timeshare is paid for. If you still own more than half of the money, then this may not work out well for you because the value of the timeshare you own may be a lot less than its oirginal value. Even after taking 25% of the money from your ex husband, selling your timeshare may only get you 25% or less of its original value, so you still may need to pay out extra to get rid of it. It really depends on which timeshare it is and how much loan remains.

 

[spatenfloot]

I own a deeded timeshare with my ex-husband. We've been splitting the maintenance fees and alternating years. In the divorce decree, it states that I have even and he has odd years. He now wants out. He wants to try to sell it outright or pay me 1/4 of the original purchase price to take it off his hands. I'm not sure that I want to give up my half, yet I don't know if I want the $720/yr maintenance fees all too myself either.
I was wondering, is there any way he can sell just his part as EOY type?
Any advice for a divorced situation would be appreciated...

Getting 1/4 of the original price from him is probably a good deal since resale values for timeshares are usually pretty low. Then you could always sell the entire thing later if you wanted. Trying to split the deed to sell EOY is probably a hassle and may not even be possible.