What to do with my Timeshare, when Divorcing or in cases of Legal Separation.
Using the term Divorce and in the event you jointly own a Timeshare, that Timeshare will form one of your asserts and will have to be dealt with.
The Timeshare assert and the use of it will be naturally frustrated, as you both may not want to holiday together and in the future.
When marital assets are being divided by the divorcing parties pain is all too real. When the issue of the Timeshare becomes problematic, how you deal with the Timeshare can be quite taxing. The division of all the marital assert and the settlement made, may have a bearing on the considerations of the Timeshare issue. One or both parties may consider the Timeshare a burden and neither may have a desire to own it or acquire the forward liabilities.
Your Timeshare has to be deemed as worthless or a negative and an incumbent goodwill. It will attract a long term commitment to pay fees and maintenance payments if owned.
One solution is that divorcing couples can either share the holidays on a bilateral agreement or if the resort permits it, one of the contracting parties can petition the resort to be excused from the contractual liability of the Timeshare, due to the divorce.
The later could become a resort issue, as many refuses to engage in the process which can and does stifle the liquidation of the marital assets.
TESS can help with the formulation of a bi lateral agreement or the removal of liability.
Equally any consumer can explore selling the Timeshare, however very few re-sell and the trading in resales, is fraught with problems and scams.
If neither party wants to keep it, TESS can assist in its termination.
Timeshares have been around since the 1970’s, and literally hundreds of thousands of units are stalled in the hands of stagnant re-sale companies (1 in 500 re-sell). Many charge fees in contravention of the law/regulations. It can be very worrisome and difficult to sell a Timeshare, since you are competing with many others as well as new and less onerous products being offered by resorts.
If a loan exists, you will be obliged to pay the repayments or a default could jeopardize your credit rating.
Because the sale options are tenuous, real advice and a deliverable option might prove more beneficial. Again TESS is very experienced in such matters and can assist you.
Last modified: 24th February 2016