A New Beginning

Every December we start to reevaluate the past year and think about how we can do better. We take time off from work, spend more hours with our loved ones, and look forward to a successful and happy new year. This hope and elation of a better tomorrow is the essence of the holiday season.

Though hope alone isn't enough to bring about change, it is the actions a person takes that command the outcome of tomorrow, and that is why people make New Year resolutions. At this moment, people keep aside their procrastination and self-doubt to believe in themselves. They trust themselves to do things that would kickstart a series of changes. The festive feeling of the holidays and upcoming New Year is unique to the time. But, the spirit of our New Year’s resolutions, where people dare to trust in themselves, should be a constant in our lives.

Timeshares in a Divorce

By Megan D. Strait

While you were happily married, you and your spouse decided to purchase a timeshare. It was wonderful at the time, but now that you’re going through a divorce, it seems like more of a headache than anything.

At the time of purchase, you likely used financing to buy the timeshare, and depending on how long you owned the timeshare, chances are you are still paying off that debt. Since timeshares have lost their appeal over the years, figuring out what to do with it during your divorce can be difficult, especially if neither of you want to keep it.

If neither of you want to keep the timeshare, your first thought is probably just to sell it. While this is an option, you may find that what you believed to be an asset, is actually a liability. Timeshares typically lose value over time at a faster rate than paying off the debt. Therefore, in the unlikely event that you owe money and you and your spouse try to sell the timeshare, you both are likely going to be shelling out money just to get it off of your hands.

Selling the timeshare also requires communication between you and your spouse. If you are in a contentious divorce, and you are trying to sell off a liability, chances are, you and your spouse are not going to be able to work amicably to achieve this. Thus, it may require the use of an intermediary, which you will more than likely have to pay a fee to use.

If both of you desire to keep the timeshare, you could choose to share the annual costs, and share the debt associated with the timeshare, and alternate use on an annual basis. This obviously keeps you and your spouse infinitely connected in some way, and most couples who are going their separate ways would not opt in to this choice. However, there are rare instances where former spouses have made it work. If you don’t get along and you both want to keep the timeshare, then you may have to proceed to court and have a master or judge decide which one of you should retain this asset.

As another alternative, one of you will want to keep the timeshare, and the other will not. If that is the case, then whoever retains the timeshare would pay the other spouse his or her portion of the equity. However, in the unlikely circumstance that the timeshare is a liability then the spouse who is not going to keep the timeshare may get caught in having to pay the the other spouse. Typically divorcing parties are not eager to allow their spouses to retain a vacation property, and also provide them with cash just so they can walk away.

In sum, a timeshare, if purchased during the marriage, will either be considered as marital asset or liability and will need to be dealt with just like any other piece of property.

Contact Megan D. Strait at mstrait@pjrlaw.com or 717-591-1755 for further guidance.

We are seeking guest writers...

We are seeking guest writers to contribute to our email newsletter which reaches more than 2000 people per month. If you would like to consider a joint article (for example: How COVID has impacted on the wedding industry and the legal recourse you might have), we would be glad to work on something with you. For more information, please contact Ashley Malcolm via email amalcolm@pjrlaw.com or call 717-610-1639.

A Band of CEOs & Owners

Have you watched the HBO series “Band of Brothers”? It’s the story of a group of strangers who came together in Easy Company and valiantly served in World War II - from the Normandy landing to capturing Hitler’s mountain hideaway, Eagle’s Nest. One reviewer captures the indelible impact “Band of Brothers” had on me: “A fascinating tale of camaraderie that is, in the end, a story about ordinary men who did extraordinary things.”

“Band of Brothers” encapsulates my inspiration to form the Small Business Forum; a peer advisory group where CEOs and owners band together to do extraordinary things for our businesses and ourselves. The fact we’ve built successful businesses attests to the amazing things we’ve already accomplished. It is that common experience that also bonds business owners into a cohesive group.

That is not to equate the experiences of business owners with Easy Company’s experiences on the beaches of Normandy or the German Alps. Rather, it is to highlight those traits that drove Easy Company to be extraordinary that we, as business owners, share. Here are a few examples:

“An intense private determination”: This trait, common among Easy Company members, was critical to them making it through incredibly arduous circumstances. Owners who’ve endured the perils of business cycles like 2020 share a profound understanding of such determination.
Every owner I’ve ever met shares a “desire to be the best”; the same trait that drove Easy Company to excel in their mission well beyond simply surviving.
Easy Company transformed Curahee, Cherokee for “stands alone”, into their motto: “We stand together.” Everyone in Easy Company started out feeling alone and isolated, a feeling shared by many business owners. But they quickly realized how much stronger they would be if they stood together.

By banding together like Easy Company did, owners can transform our businesses and ourselves into the extraordinary. That is what the Small Business Forum is all about.

Members of SBF’s peer advisory group are a select group of growth-minded CEOs and owners. The group’s strength comes from understanding that together, we make better decisions than any one of us could do individually. The results are better decisions, enhanced accountability and less stress.

If you’re curious how the Small Business Group works and if it could propel you forward, contact Mark Sussman by calling 717.439.6254 or email mark@strategicbizgroup.com for a free, no obligation initial consultation.

Ensure Your Personal Growth this Year

It’s tough for many people to invest the time on themselves because “life” always seems to get in the way. Taking the opportunity to learn new things and avoid stagnancy though is a key step. Whether it’s for your career, relationship, or your mental health, the follow suggestions will help get you on the right path toward personal growth:

Identify - The first thing is always to identify how you feel about your day-to-day life. Do you think that you are not facing enough challenges that would lead you to become better at what you do or in life generally? This step requires the least leg-work but is the most tricky one. Once you can identify your roadblocks, you can set goals for yourself.

Prioritize and design a blueprint - A possible outcome of the first step would be finding yourself in the middle of various goals. Therefore, you must prioritize the goals you set based on your current situation and build an actionable plan to execute them one by one. Seek help from people who have accomplished similar things.

Take small steps - Most people fail to stay on track with their goals because of the lack of actionable planning. Setting lofty targets will always overwhelm you, and the best way to tackle it is to set short-term goals that are achievable. Motivation will automatically kick in once you keep knocking down your daily or weekly targets consistently.

Keep a check on other important factors - You can call this the balancing act, where you take care of other aspects that affect your day-to-day life. This would mean that you look after your overall mood, anger, eating habits, social life, etc., and try not to become overly consumed by your new endeavor to become better, as it could derail the process.

Promise Yourself a Robust Health

New Year Resolutions aren't complete without the resolution of getting fit. But, not many people can keep up with their initial enthusiasm and fall off track. Let's try and make the coming year an exception with these practical steps.

1. Start before January 1st - Any fitness program you plan to start, do it a week or more before January 1st. This will help you begin the new year with momentum and added motivation to keep up the good work.

2. Follow plans that fit your lifestyle - Health and fitness should not be excluded from your everyday life. Always pick a program that respects your lifestyle. You cannot train or eat like a college athlete for the whole year working in a corporate setting. Your plan must be inclusive of your responsibilities.

3. Consider a coach - If you want to see relatively quick results from exercise or diet plans, then taking the help of a professional will go a long way. Find a professional coach who not only is known for delivering results but also fits in your budget. You can also look for online coaching as it is comparatively more economical.