Answer:

I had a client call the other day because he is in the middle of a divorce and wanted to know what would happen with his vacation home as a result of going through this divorce. How would it be divided up? The summer home would be an asset of the marriage, if it was purchased during the marriage. It would be assessed to establish a value and the client would be required to buy out the other spouse or pay them the equity and the property. If you don’t reach an agreement and you ask a judge, a judge could order that the vacation home be sold. That is why we generally are advocates of mediation so that the parties can work together to come to a resolution where the assets basically aren’t sold at the direction of a judge who really doesn’t know that much about your personal property. If you’re in the middle of a divorce and you have assets, real estate, and have questions about that, I’d love to help you with that and I would love to talk with you about the possibility of mediation. Please call us.