Having a lake house can be a great deal of fun. If you purchased your vacation home during your marriage, though, it is probably part of your marital estate. As such, you must address its post-divorce ownership when you are wrapping up your marriage.
In Illinois, divorcing spouses usually have an equitable interest in marital assets. This approach means you should end up with a fair share of what you and your spouse own. When it comes to your vacation property, though, you probably have some options.
Options for dealing with your lake house
It is not uncommon for divorcing spouses to sell the vacation home and split the proceeds. While this may work for you, you probably have some alternatives. These may include one or more of the following:
- Letting your soon-to-be ex-spouse keep the vacation home
- Gifting the vacation home to one of your children
- Coming up with a time-sharing arrangement
Your time-sharing arrangement
According to Psychology Today, rather than hating each other, many divorcing couples simply want to do something different with their lives after recognizing their marriages are not working.
If you are on relatively good terms with your husband or wife, you may want to continue to jointly own the property. Before doing so, though, you should make sure your soon-to-be ex-spouse is financially responsible. Then, you should negotiate a time-sharing arrangement.
This arrangement tells you exactly when you and your future ex-spouse can use the lake house. It also may set rules for being on the property and address upkeep and maintenance issues. If you find your time-sharing arrangement is not working, you can come up with a different solution later.
Ultimately, if both you and your husband or wife love your vacation home, finding as much common ground as possible may allow you both to continue to enjoy it.