What to do with my Timeshare, when Divorcing or in cases of Legal Separation.
In the event, you jointly own a Timeshare, that Timeshare will form one of your marital assets and will have to be dealt with.
The Timeshare benefits (i.e the time allocation) may well be frustrated, as both owners may no longer want to holiday together in the future.
When marital assets are being divided by the divorcing/separating parties pain is all too real. Both parties will run into problematic discussion should both want to keep or disgorge themselves of the Timeshare asset, therefore, parties have a need to with one another fairly. In the event neither party wishes to own the timeshare after the divorce you can employ TESS and we will assist you to get rid of the obligation.
Should you deem the Timeshare is worthless or retains a negative value delivering long-term burdens you can offer a reverse premium whereby one party take on the responsibility in consideration for a monitory sum.
One solution is that divorcing couples can either share the holidays on a bilateral agreement or if the resort permits it, you can petition the resort to excused one party from the contractual liability citing divorce as the reason.
TESS can help with the formulation of either a bilateral agreement or the removal of personal 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.
Timeshares have been around since the 1970’s, and literally, hundreds of thousands of units are stuck in the hands of stagnant re-sale agents (1 in 400 re-sell). Many charge fees to advertise your sale which in truth is 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 sometimes less onerous products being offered for sale.
If you took out a loan and to buy the timeshare, you may be obliged to repay all the loan and before the marital estate can be liquidated. Defaulting on the loan should not be considered as this may jeopardise your credit rating.
“No Win No Fee” Compensation Claims Please contact Mrs Glynn on 01253 208482
Monster Credits/ ABC Lawyers Claims Please contact Miss Ali on 01253 208488
Club La Costa compensation Claims Please Contact Miss Jenkinson 01253 208 483
Terminations of your Timeshare Please Contact Mrs Trippier 01253 729683.
Exits and Terminations: firstname.lastname@example.org
Institute of Paralegal Practising Certificate Number IoP 794115
Last modified: 24th October 2017