Wolf, Baldwin & Associates, P.C.

Second homes might present a challenge during a divorce

Vacation homes are a fun investment when you can afford them. Even though you might have some hiccups with having a second home, such as having to find a way to make repairs when you aren't there, it is generally a good experience. There is one time when you might find that the home is more trouble than you really want to deal with - during a divorce. We are here to help you determine how you are going to divide up the property, including that vacation home.

There are many things that you have to consider if you have a second home when you are divorcing. One spouse might want the second home while the other spouse takes the primary home. This is easy to work out; however, there are some extra things you have to take into consideration.

For one, you will need to refinance the homes so that each person is responsible for the one they are keeping. You also need to get the title to the property changed so that only one person is on it. Changing title might trigger acceleration of the mortgage on the property so be careful - refinancing may be necessary.

In some cases, you might also have other agreements to consider. For example, if the parent keeping the primary home is going to have the children living there, the other parent might choose to hold off on collecting their portion of the equity until the children are out of the house. This could be done through a special agreement.

We know that this is a lot to think about; however, taking the time to review your options and finding out how each one will impact you is imperative. We can help you look into these matters so that you have the information you need to make good decisions.

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