What to do with timeshare when getting divorced.

[CarolynS]

Me and my soon to be ex bought a timeshare on e-bay a few years back. We got it for a great deal so I am not to worried about taking a big loss. I don't care if he gets it or I get it or we sell it, I just want it not to be a joint ownership where we have to make decisions together. So if I give it to him what steps do we need to take to remove my name? I realize there is info on tug to sell a timeshare but is it different since it is a divorce?

 

[T_R_Oglodyte]

Me and my soon to be ex bought a timeshare on e-bay a few years back. We got it for a great deal so I am not to worried about taking a big loss. I don't care if he gets it or I get it or we sell it, I just want it not to be a joint ownership where we have to make decisions together. So if I give it to him what steps do we need to take to remove my name? I realize there is info on tug to sell a timeshare but is it different since it is a divorce?

Assuming this is a deeded property in the US, this is the perfect situation to use a quit claim deed. In a quit claim deed, the executor of the deed relinquishes any and all ownership claims they might have to the property in favor of the person named in the quit claim. The quit claim then needs to get filed with the appropriate recorder of deeds where the timeshare is located. The person who takes ownership also needs to follow up with the resort to have the ex's name removed from the resort records. Usually the resort will want to see a copy of the filed quit claim.

If it's not a deeded property, then contact the resort to determine the appropriate procedures to follow to remove the ex's name from the ownership records.

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You didn't ask about valuation, but I'll throw something in anyway. You're probably better off having one partner or the other take the timeshare instead of trying to sell it. Here's one way to establish a price for the timeshare for purposes of dividing the property.

One of the parties (Party A) sets a price for the timeshare. The other party (Party B) then has the option of either taking the timeshare or declining the timeshare. If B takes the timeshare, in the property settlement B is credited with having received an asset with the value proposed by A. If B declines the timeshare, then A receives the timeshare and is credited with receiving assets worth the value that A suggested.

This approach should result in the asset going to the party for which it has the most value, at a price the party that receives it believes to be a fair price. The same approach will work with almost any other item that could reasonably go to one party or the other.

 

[Dave M]

At the time my ex and I split a couple of years ago, we had two timeshares, both in joint name. We agreed to each take one of them.

I worked out a deal with one of the often-used (by TUGgers) timeshare closing companies to handle the changes in title, including preparing the deeds, getting signatures, recording the deeds and notifying the resorts for a fee equal to one normal closing on a sale.

It was cheaper than having attorneys do it and we weren't all that comfortable with how to do it ourselves.

 

[Luanne]

My ex and I owned two timeshares. We used quit claim deeds to transfer ownership on both of them. The only "problem" I still have is on the tax bill for the one I own still has my old married name.

 

[Dave M]

Luanne -

That sounds to me as though you didn't follow through to have the new deed recorded. It's a good idea to do that, even if you trust your ex.

 

[Luanne]

Luanne -

That sounds to me as though you didn't follow through to have the new deed recorded. It's a good idea to do that, even if you trust your ex.

Well, his name isn't on it, just mine (and my parents as we owned jointly with them). I had tried to get the name changed and don't remember at this point what steps I went through (it was around 25 years ago). I do have copies of the divorce decree if I ever need to show that I changed my name.

 

[mdmbdumont]

But they take that check for the taxes every year regardless of whose name is on the check

 

[Luanne]

But they take that check for the taxes every year regardless of whose name is on the check

You bet!

 

[Hatrack]

Sorry about your misfortune.

Your'e fortunate you bought a resale priced TS. There are cases where the couple bought the $25k developer week, still owe $15k on the loan at 14% interest. In reality, its' worth $5k resale.

One spouse "lets" the other keep the TS and the $10k of alledged equity. The truth is, they owe $15k on a timeshare worth $5k; negative $10k 'equity(upsidedown onthe loan). Thus, failure to recognize the $20k "loss" on the TS purchase/value results in a $20k swing in values.

It might be better to fight for the lava lamp

 

[Luanne]

Good thing we paid around $7500 (from the developer) and it's completely paid off. Of course it's still only worth around $2000 now (at least I think that's what my mom sold the other one she owned a few years ago).

My ex-hubbie got the two-bedroom timeshare and I got the one-bedroom (that we owned jointly with my parents) and the brand new Audi. Seeing that the Audi had to be replaced soon after I'm not sure who got the best deal.