Does Real Property Co-Owned have to be divided?


#1

Good morning,

We own a “deeded” Marriott Timeshare so it is considered real property. We want to keep it in our names and have worked out the use of time schedule between the two of us. Can we do this without one of us taking 100% ownership? Can it stay in both our names, as it is now 50%/50%? We really don’t want to sell it or have put it in one name only.

Hoping to keep it in both our names, in the separation agreement as such and be able to file divorce and still own this together. Is this possible?

Thank you.


#2

Yes, you can agree to keep joint ownership of a timeshare and detail how it will be paid for and used in the separation agreement. You will also want to include a buyout provision or sale provision so that if either of you wants to get out of the timeshare later, there is already a plan in place for how that would happen.


#3

Thank you so much. One more question, if the deed is held as “husband and wife” should it be changed keeping our names, removing the “husband and wife” and still keeping JTWROS?


#4

Yes, if you want to keep the property as tenants with right of survivorship, you will need to record a new deed. Once parties separate, the tenancy by the entireties ends and you would hold it as tenants in common unless a new deed is recorded.