Splitting of Assets

[petadale]

What is the name of your state (only U.S. law)?

I own a timeshare in Florida with my ex-husband. It was written into our separation agreement that he would sell the timeshare or pay me for 1/2 and keep it. We have been divorced for 5 years during which time he has been paying the annual fee and using the timeshare. He has not once offered it to me to use.

I recently asked for my portion and he said I should find out the price. I contacted Marriott and they said the timeshare is currently worth $18,000. To sell it we would have to go through Marriott and their charges amount to 50% of the value.

My question is, if my ex-husband just pays me my half and keeps it, would he have to pay me $9,000 or 1/2 of what it would amount to if he sells it ($4,500)?

[Ohiogal]

Originally Posted by petadale

What is the name of your state (only U.S. law)?

I own a timeshare in Florida with my ex-husband. It was written into our separation agreement that he would sell the timeshare or pay me for 1/2 and keep it. We have been divorced for 5 years during which time he has been paying the annual fee and using the timeshare. He has not once offered it to me to use.

I recently asked for my portion and he said I should find out the price. I contacted Marriott and they said the timeshare is currently worth $18,000. To sell it we would have to go through Marriott and their charges amount to 50% of the value.

My question is, if my ex-husband just pays me my half and keeps it, would he have to pay me $9,000 or 1/2 of what it would amount to if he sells it ($4,500)?

What is the exact wording regarding the timeshare? Also what was it worth 5 years ago? What was the amount owing 5 years ago?

[Zigner]

Originally Posted by Ohiogal

What is the exact wording regarding the timeshare? Also what was it worth 5 years ago? What was the amount owing 5 years ago?

Also, what are their charges for changing the title?

[petadale]

Originally Posted by Ohiogal

What is the exact wording regarding the timeshare? Also what was it worth 5 years ago? What was the amount owing 5 years ago?

The parties own a Marriott Timeshare (“the timeshare”) in Florida that was purchased for the sum of $14,000.00. The parties agree to sell the timeshare and divide the proceeds equally unless the Husband decides to purchase the Wife’s interest at 50 percent of the fair market value. The Husband further agrees to pay any expenses related to the timeshare until the sale.

It was purchased for $14,000 and is now valued at $18,000 so I would think five years ago it should bin the the range of $16,000.

There is nothing owing on the timeshare. It was paid in full from the proceeds of our home in Ontario in 1996.

[mistoffolees]

Originally Posted by petadale

The parties own a Marriott Timeshare (“the timeshare”) in Florida that was purchased for the sum of $14,000.00. The parties agree to sell the timeshare and divide the proceeds equally unless the Husband decides to purchase the Wife’s interest at 50 percent of the fair market value. The Husband further agrees to pay any expenses related to the timeshare until the sale.

It was purchased for $14,000 and is now valued at $18,000 so I would think five years ago it should bin the the range of $16,000.

There is nothing owing on the timeshare. It was paid in full from the proceeds of our home in Ontario in 1996.

From the wording of this, your husband would have to pay you 1/2 of the fair market value if he decides to keep it.

The problem is 'what is fair market value'. Frankly, I wouldn't trust Marriott's numbers. They have a huge incentive to inflate resale values both to convince people that buying new is cheaper than buying a resale and also to convince people that a new purchase is a good investment because it will increase.

Typically, you can buy timeshare resales for a fraction of their purchase price. Google 'timeshare resale' (no quotes) to find a few sites that help with that. Those sites will give a more accurate estimate of the actual resale value.

You should probably call Marriott to ask if there are any special terms for divorces. They may have a program to reduce or eliminate the transfer costs if one spouse keeps it.

[petadale]

Thank you.