West Virginia family courts must look into all marital assets and liabilities couples own and divide them equitably upon divorce. If you have a vacation home or rental property, their division will be based on state law and the financial situation of each spouse.
If you both want to retain ownership
After the court has decided on your shares for the vacation home or rental property and you both want to keep the unit, you’ll have to work out a plan on how to share the costs, profits and the use of the property. You can do this through a written agreement that specifies who is responsible for taxes, upkeep and maintenance expenses.
If one wants to keep it
If only one of you wishes to keep ownership, that person must buy out the other’s share. This is usually done by calculating the current market value of the vacation home or rental property and subtracting any mortgage still owed on it. You will then divide the remaining equity according to what you agreed upon or ordered by the court.
Selling and dividing proceeds
You can also choose to simply sell off your vacation home or rental property and split up whatever profits you make upon the sale. This could be an effective and efficient way to get a fair split of the property while eliminating any future disagreements or tension over its use.
If you are not happy with the split or issues arise
In West Virginia, you could ask the court to modify its decision if you are unhappy with the court’s ruling or if issues arise later. However, this is usually very time-sensitive, and you must do it within 30 days of entry of the order. You can also file a motion for contempt of court if your former spouse is unwilling to comply with the divorce agreement.
No matter which option you choose, make sure it is something both parties are comfortable with now and in the foreseeable future. It’s important that you understand your options and rights to make a legally sound agreement that will benefit both of you.