When you divorce, what happens to your cabin getaway?

On Behalf of | Apr 9, 2022 | Asset Division, Divorce

With the front range becoming exceedingly crowded in recent years, many Boulderites love to spend their weekends in high-country chalets or cabins. If you and your husband or wife own a second home in the mountains, though, the property may become a point of contention during your divorce.

In Colorado, judges must apply principles of equity when dividing marital assets. This means you and your soon-to-be ex-spouse are likely to end up with an equitable share of what you own, even if you do not get precisely half.

Can you sell the property?

According to reporting from Rocket Mortgage, the unique nature of vacation properties can make them difficult to sell. For example, if your cabin is in a remote area or difficult to access, you may struggle to find buyers. It can also be difficult to establish the fair market value of second homes, as many Colorado cabins have wildly different amenities.

Should you keep the property?

If you love your cabin retreat, you may want to pursue exclusive ownership of it. To do so, you may have to give your spouse cash or other assets. Before you get to that point, though, it is advisable to come up with a realistic valuation for the property. You can expect your husband or wife to get his or her own appraisal, of course.

Is it possible to share the cabin?

You and your spouse may be on relatively good terms. If so, it is possible to continue to jointly own your cabin after your divorce. If you go this route, you may want to negotiate a usage contract that covers visits, upkeep, property rules and other matters.

Ultimately, while your cabin may give you some additional hurdles to jump during your divorce, you undoubtedly have a few options for dealing with it.