New York Is an Equitable Distribution State
Equitable distribution is legal principle that refers to division property and finances based on the relative needs and contributions of both spouses. This means when couples in New York get divorced, state courts attempt to divide assets as fairly as possible, which rarely means a 50/50 split, though equal distribution is still possible in some cases. Among other forms of property, the equitable distribution principle applies to real estate and timeshares.
What Can Divorcing Couples Do with a Timeshare?
Debts and financial obligations are divided just like valuables and assets. If a divorcing couple owns a timeshare, this liability will likely be split between the two spouses. Because timeshares are so difficult to manage jointly, you may wish to sell it jointly. If you wish to keep it, you may buy your spouse out and manage the timeshare yourself. Otherwise, the only other viable option is to split the time, ownership, and maintenance fees associated with your timeshare.
If you are divorcing in New York State and are concerned about losing, sharing, or having to sell your timeshare, call Peter L. Cedeño & Associates, P.C. today for help.
New York City Divorce Attorneys Serving Couples with Timeshares, Property Division, & More
Put simply, divorce is a hassle—but we are motivated to make it easier.
Our team of NYC divorce lawyers can help you address a wide range of divorce challenges, including division of timeshares and other valuable property. With more than 20 years of experience and multiple talented attorneys on our side, we are well-equipped to help you resolve your divorce as quickly and efficiently as possible, while skillfully navigating the most difficult and legally technical parts of splitting up. We are committed to ensuring your divorce is not needlessly protracted or expensive, while still protecting your rights and providing trustworthy legal guidance throughout the process.
Call (212) 235-1382 to speak to one of our New York City divorce attorneys today.