There are many issues that arise in a divorce that you may not have considered before the end of your marriage. For example, many people don’t stop to think about the value or possession of their real estate holdings. Even when confronted with the potential of a divorce, many people remain focused on the primary home instead of vacation homes and investment properties.
If you have a vacation home, you may have a more emotional attachment to that than your primary residence. Thankfully, there are strategies you can employ in a Colorado divorce that can help you retain your vacation home as part of the asset division process.
Working with your spouse for an uncontested divorce can help
When your divorce has to go through the courts, the judge has the ultimate power over who gets what in your family. When you and your spouse agree to terms for an uncontested divorce, you have the power.
In cases where you have a specific asset, such as a vacation home, that you want to retain more than anything else, an uncontested divorce is often the simplest way to ensure you receive the asset that you seek. This is, assuming your spouse isn’t interested in the vacation home and provided they are willing to allow you to retain it in exchange for other marital assets of similar value.
If the terms that you set don’t violate Colorado state laws, the judge will typically approve any division of assets that you and your spouse set. That makes it easy for you to negotiate for and retain a particular asset, such as your cabin or vacation home.
Advocating to the courts for an asset you want to retain
If you and your ex can’t set amicable terms for asset division, then the courts will handle the process. The good news here is that you may be able to ask the courts to allocate specific assets to you. You and your spouse will need to provide an inventory of all of your possessions, assets and debts. The courts will then use that inventory to set terms for splitting up your belongings in a divorce.
Provided that you have other assets that can offset the value of your vacation home, it is entirely possible to have the courts award you the vacation home in a divorce decree. Is important to note, however, if there are not adequate assets to offset the value of the vacation home, the courts may expect you to split the equity in the home with your spouse by refinancing it and cashing out some of your accrued equity.
Your individual financial circumstances will have a significant impact on how the courts choose to split up your assets, including your vacation home. In some circumstances, the courts may order the sale of the home instead of choosing to allocate it to one spouse in the divorce.
If you can’t set amicable terms in the divorce, you should prepare yourself for the potential of not being able to retain the home. However, with a concerted effort and direct appeal to the court, it may be possible.