States like Hawaii, Nevada, Florida and California are where the largest majority of the country’s timeshares are located. If you’ve decided to walk away from your marriage, then you may be wondering what to do with your timeshare when it comes time to divide up the marital property among yourselves.
County officials in Florida keep track of timeshare ownership just like they would with any other real estate in the state. As such, any change in hands of a timeshare must be recorded by the county where it’s owned. Once that occurs, it’s updated in a publicly accessible database.
A change in ownership of a timeshare can occur by deeding the property over to someone else. A deed is generally no longer than the length of a standard piece of paper. It generally lists the mailing address of the new owner and the assigned parcel or property tax number of the property being deeded over. The deed must also include a legal description of the property that coincides with what’s listed in the county’s database.
In a divorce, a spouse giving up his or her rights to the property has to sign the deed transfer paper assigning their rights to their ex. In order to be deemed as properly executed, the document must be signed in front of a notary. The deed must then be filed with the county clerk court where the property is located.
It’s important to keep in mind that each county may have rules to follow in formatting the deed transfer document and costs may vary to file it with the clerk.
When transferring a timeshare between divorcing spouses, it’s unnecessary for a transfer tax to be paid. Oftentimes, the exemption from paying the tax is not automatic though. Instead, it must be applied for in order for it to be applied to the bill.
Like dealing with child custody and support issues, dividing up property is often a hotly contested issue that couples must address when they divorce. It’s important to be proactive in protecting your legal rights by working with a Kissimmee property division attorney from the start in your divorce case.