Many people think about the family home as the property that people going through a divorce may fight over. While it’s true that this home is often the biggest asset, there’s another asset that’s present in some divorces that must be considered. This is the vacation home.
A vacation home often holds a special place in the heart of each family member. It can be difficult to think that they won’t have access to it any longer. If you’re going through a divorce and trying to determine if you should try to get the vacation home in your property division agreement, consider these points.
Will the home be your primary residence?
It’s possible that one spouse may want to make the vacation home their primary residence. Think carefully about this because vacation homes are often in communities with a higher cost of living. If you have children who will live with you, consider the school district. You also need to think about your career and whether you’ll be able to move to the vacation home and use it as your permanent residence.
Can your budget handle the costs of the home?
You must ensure that you can comfortably pay the costs associated with the vacation home. This may include making any mortgage payments that are necessary. You also have to be able to pay for insurance, upkeep, utilities and taxes. Remember, you’re going to rely only on your income to pay for everything.
Your priority must be protecting your interests during the divorce. Having someone on your side who can help you do this can take stress off you.