Vacation property


#1

My wife and I are estate planning and wish to transfer ownership of our vacation property to our grandchildren. My wife alone wants to retain rights to use the property. Does that exclude me from all rights to the property in the event of a future separation and divorce?


#2

Her right to use the property would be considered an asset to be divided in equitable distribution. It is likely though that this asset would be valued and you would be compensated through the process with another asset of equal value. If this is a concern, you should make sure you have your own rights to usage.