My husband and I own a piece of property valued at 900,000 dollars. It has a home on it with two sweets and several large garages that are all rented out, the property rentals pay the mortgage taxes, etc. with a small amount left over. We currently owe approximately 450,000 on this property. we have agreed to split everything in half. He wants to buy me out for half of what we have paid thus far, 225,000. Is this fair or am I being hoodwinked????
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Have you had it assessed lately? Your numbers seem off, or you are just rounding off maybe. I'd have thought it would have increased in value somewhat since you took out the mortgage...
Anyway, you seem to be implying that since the property earns money then you should receive more than just half the book value? If you owned a factory, you would split it's assessed worth at the time of separation. You wouldn't ask for a share of the profits for the next however many years. You are splitting it's worth now, not it's hypothetical worth in the future.
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