11 Dec What to Know About Dividing Vacation Homes in WA Divorce
When you and your spouse bought your vacation home, the thought of dividing it during a divorce was probably the furthest thing from your mind. Now, you face difficult decisions about this property, which is tied to both financial and emotional value. If you live in Washington, then here is what to know about how the state approaches dividing vacation homes in a divorce.
How Washington Courts Divide Property
A vacation home is a property, and Washington law (RCW 26.09.080) considers the following main factors when deciding an equitable division:
- the nature and extent of your community property
- the nature and extent of each spouse’s separate property
- the length of your marriage
- the financial situation of each spouse post-divorce
Options for Your Vacation Home
You and your partner also have the chance to decide on an outcome without the court doing so for you. Below are three of the most common approaches that divorcing couples take.
Sell the Home
Selling the vacation property and splitting the profits is a common solution. This option provides a clean break and can free up cash for both you and your former spouse. It also eliminates future complications related to shared ownership, maintenance costs, and property taxes. And finally, a sale can simplify the property division process, especially if neither person has a strong desire or the financial means to keep the home.
One Spouse Buys Out the Other
Does one of you have a deeper emotional connection to the home? If so, one spouse can buy out the other’s interest. To do this, you first need a professional appraisal to determine the home’s fair market value. The buyout can happen through a cash payment, or it can be part of the larger property settlement. For example, one person might trade their share in another asset, like a retirement account, in exchange for full ownership of the vacation home.
Continue To Co-Own the Property
Some former spouses choose to continue owning the vacation home together after the divorce. This arrangement works best if you separate on amicable terms.
Additionally, you will need a detailed legal agreement that clearly outlines responsibilities for the mortgage, maintenance, taxes, and usage schedules. It should also address what happens if one person wants to sell their share in the future or passes away.
What Is Next?
Deciding the future of your vacation home involves both financial and personal considerations. Exploring your options and understanding the legal framework of dividing vacation homes in Washington divorces can help you make a choice that aligns with your goals for the future.
However, you should not approach the choice alone. It is important to consult with a property division attorney to get the full picture of the impact of each outcome and ensure a truly equitable division. Reach out to LaCoste Law today to discuss your case and the best path forward.