PiaffePonyTx
New Member
I plan on consulting an attorney and having legal documents drawn up but want to do my research first.
I'm 33, divorced and just barely managed to keep the farm. It's where I lived for 20 years (bought the property from my parents) and it's been my sole source of income for over 10. I have 300k in equity in my property as well as other tangible farm assets.
My boyfriend and I have been friends for 14 years, and in a serious relationship for 2 years. He has a good job, owns a home in town with 90k equity. He's never been married and doesn't have children.
We want to live together and spend our lives together. We don't care about marriage but aren't opposed to it either if needed. We both have a realistic mindset and want to be fair. We plan on keeping our finances as separate as possible and contributing equally to household expenses. However, we both have goals and hobbies and we both would benefit by teaming up to build a shop. The rub is in order to do that, he would have to sell his house because I don't have the funds to do so. It's really important to him to have a suitable place to work on his cars, and I would love to have a place to work on my own farm equipment.
I'm willing to risk some, but not all because that's my only way to support myself and I'd like to leave something for my son if/when I die and he totally understands. It also isn't a smart financial move to sell an appreciating asset to pay for one you don't technically own.
We've been trying to research solutions that can reasonably guarantee that I keep my farm and still protect his interests fairly. I came across the concept of gradual co-ownership.
Has anyone done something similar when the non-owner has made property improvements? Of course I would have to buy him out of the shop if the relationship ended sooner rather than later but how do you account for occupancy, appreciation,
I'm 33, divorced and just barely managed to keep the farm. It's where I lived for 20 years (bought the property from my parents) and it's been my sole source of income for over 10. I have 300k in equity in my property as well as other tangible farm assets.
My boyfriend and I have been friends for 14 years, and in a serious relationship for 2 years. He has a good job, owns a home in town with 90k equity. He's never been married and doesn't have children.
We want to live together and spend our lives together. We don't care about marriage but aren't opposed to it either if needed. We both have a realistic mindset and want to be fair. We plan on keeping our finances as separate as possible and contributing equally to household expenses. However, we both have goals and hobbies and we both would benefit by teaming up to build a shop. The rub is in order to do that, he would have to sell his house because I don't have the funds to do so. It's really important to him to have a suitable place to work on his cars, and I would love to have a place to work on my own farm equipment.
I'm willing to risk some, but not all because that's my only way to support myself and I'd like to leave something for my son if/when I die and he totally understands. It also isn't a smart financial move to sell an appreciating asset to pay for one you don't technically own.
We've been trying to research solutions that can reasonably guarantee that I keep my farm and still protect his interests fairly. I came across the concept of gradual co-ownership.
Has anyone done something similar when the non-owner has made property improvements? Of course I would have to buy him out of the shop if the relationship ended sooner rather than later but how do you account for occupancy, appreciation,