Separation or divorce and DVC

[suebeelin]

I’m sure this has been covered before, but wanted to find out people’s experience with separation/divorce and DVC.

Here’s a quick scenario: I bought two DVC contracts with my premarital assets, but put it in both our names (and thus commingled). He seems open to reverting the contracts back into my name only (what are the steps to remove one name?) without compensation (so can it go back to premarital assets?).

However, he enjoys DVC very much as well, and hopes to use it with the kids going forward (every other year?). Would we be able to do this on an informal basis without his retaining a claim on the DVC contracts?

If we were to change the DVC contracts to my name only, how would one do this? Is it a huge process to remove one name? If so, wouldn’t it be more saavy to create a living trust and change the name altogether?

Any help much appreciated!!

 

[CarolMN]

Sorry you have to go through this.

Can't help with most of your questions. Once the contracts are back in your name or in the trust, you could add the children's Dad as an associate. He could then make & manage reservations, bank & borrow points, but would have no claim to the contract and would not be responsible for dues. He also would not qualify for DVC perks and would not receive a Membership card. You can explore that option more on the Members' Website.

 

[Deb & Bill]

Or you could just make the reservations for him and the kids with his name as the lead guest.

 

[atlmgm]

I went thru this a few years ago - and I will try my best to tell you my thoughts. First - if you get a divorce, any good lawyer will tell you to put the specifics in the divorce decree. People change over the years (the contracts go for 50 years) and this will be the ruling document. When I got divorced, I had my contracts specified to me in the divorce decree. The divorce decree will state that you will be responsible for all fees, etc (annual dues) going forward. If you have any informal agreement with your ex it will not be legally enforced. You can still make reservation for him to use regardless of what you do.

The process of changing names on the contract is pretty easy - first you need Disney's approval. Call member services and select member administration and they will email you the form. The form is easy and free - however, you will then need to change the title. There is a cost for this. Disney has a legal service that does this for $450 per contract (there is a discount if both of your contracts are at the same resort - I think it was $550). You will need either your ex's written consent or the divorce decree to process the title change.

I have 4 contracts (2 SS, 1 GF, and 1 BLT). I first took my ex's name off the contracts and went thru the Disney legal service. It was costly and took about 5 months until all was done. Then as I started to learn more about financial planning I again changed the title from my name only to a Trust. If you have kids - especially young ones - then i would recommend setting up a Trust and putting the contracts into a Trust and naming yourself as the executor. Setting up a trust depends on your lawyer - but it is well worth it to protect all of your assets. My lawyer also only charged $100 per contract - so that was a considerable savings compared to using the Disney service.

The lawyer will get the paperwork together with all the signatures - and will have it officially recorded in the County records. Once its recorded and you get copies of the Recorded Deed, you will send that to Disney and they will make the official change.

Also - Disney will only change names on a contract if the contract is paid in full.

Hope this helps and best of luck.

 

[atlmgm]

Here is the email response I received from DVC when I first contacted them about taking my ex's name off of the contracts.

================================================

Thank you for contacting Disney Vacation Club Membership Administration. I have attached the Request to Change Title information per your request.

Please let us know if you have any questions.

Attached is the letter that explains the process for changing the deed on your membership. The basic steps are as follows:


1. Fill out the attached Request to Change Title form and return to Disney. (This can be sent to the fax number or email address listed at the bottom of the form. For faster processing, please do not send it directly back to me.)

2. Once we have the form, we will issue Gratuitous Waivers and Change Request Forms for each contract. These waivers represent us waiving our Right of First Refusal and need to be recorded along with the new Deed.

3. You will need to work with a title company or an attorney to prepare new Deeds showing the transfer of ownership. We include the contact information for First American Title in the attached letter in case you don’t have a relationship with anyone who can assist with this process. Please be sure to put the name of the company who is assisting you with the deed in the “Agent Name” and “Agent Address” fields on the attached Request to Change Title form.

4. Once new deeds have been created, they will need be recorded (along with the Gratuitous Waivers) at the county where your ownership is located.

5. In order to complete the change in our system, we will need to receive:

a. Copy of the Recorded Deeds showing the transfer of ownership

b. Copy of the Recorded Waivers

c. Completed Change Request form for each Contract.

Please let us know if you have any additional questions. We are happy to help!

 

[bumbershoot]

I used LT Transfers. It was $220 total. Easy. They took care of everything. I didn’t even have to be the one to contact Disney like mentioned above.

That put my name on (I had previously only been the associate) and took his off.

I personally would just make the reservations for them. I wouldn’t put him on as associate, because that gives him access to do anything woth reservations.

Have your intentions spelled out in the divorce papers. Everything might be simple and calm now, but anything can change.

 

[wishicouldgomoreofte]

I used LT Transfers. It was $220 total. Easy. They took care of everything. I didn’t even have to be the one to contact Disney like mentioned above.

That put my name on (I had previously only been the associate) and took his off.

I personally would just make the reservations for them. I wouldn’t put him on as associate, because that gives him access to do anything woth reservations.

Have your intentions spelled out in the divorce papers. Everything might be simple and calm now, but anything can change.

Hi bumbershoot,
I looked at LT's site and the document prep form. I want to add my daughter. The form online does not look like it is for that kind of situation. Did you call them and they sent you a different form? You said it was easy and they took care of everything. I like the price, and the idea of it being done right.

 

[daisyduck123]

I got divorced in 2014 and in the divorce, I got our DVC (been members since 2006). I needed to get my ex-husband's name off of the DEED. I contacted Member Services who gave me the contact info. for the Title Company they recommend. The entire process took about 4-8 weeks (cannot recall for sure) and about $500.00