Determining shop’s value over time?

[Sigarms]

Re: Determining shop痴 value over time?

spoken like someone that has only been married once (if at all), never been around a divorce situation where assets are an issue, where the divorce is of 'poor' or un-equal income.

while 80% of first time marriages last for life, the other 20% go round and round often many times - i have a 75 year old friend on her 4th marriage. (hence the statistic that 50% of marriages end in divorce).

My first and only wife was married once before I met her. Guy who IMO is lucky to be alive since my wifes dad found out what was going on in a small town and I would not want my FIL mad at me.

My wife left her husband and the only thing she wanted was the puppy they bought together. She got the dog and left the ex with everything (house, tractor...) because she wanted nothting to do with him.

Karma has a way of finding itself back to the person over time. Won't dwell on what happened to her ex LOL.

Your life isn't about assets IMO, it's about being fufilled with your life and being happy with what you're doing and who you're doing it with.

Not certain if you would ever understand that given all the crap you have to look at if you want to be with this guy or not?

 

[MossRoad]

Re: Determining shop痴 value over time?

spoken like someone that has only been married once (if at all), never been around a divorce situation where assets are an issue, where the divorce is of 'poor' or un-equal income.

while 80% of first time marriages last for life, the other 20% go round and round often many times - i have a 75 year old friend on her 4th marriage. (hence the statistic that 50% of marriages end in divorce).

Yes, I've only been married once. I have been around divorce situations in my family and friends. A couple ended equitably. Most ended lopsided financially. While I can see that people want to protect their assets going into a marriage the 2nd time, it's still a marriage. If kids are involved from a previous relationship, you may want to protect your assets that you've saved for them. I can understand that.

However, look at it this way...

I love you. I want to spend the rest of my life with you. I don't want you screwing me over financially in two years, so sign this paper because, well, that level of trust really isn't there and never will be. Everything I earned in the past is mine and I'm not willing to give any of it up if I or you decide we don't want to be married anymore.

So why get married in the first place????

If you're living together, just visiting, etc... and it's working well, why muck it up with marriage and legal documents when you already have it in the back of your mind that there's a good chance it won't work out?

:confused3:

 

[NorTracNY]

Oh I wish! We have thought about it... but no one is willing to sell a small parcel.

Sounds like the best option then would be to not proceed further. If neither of you can afford the shop at the present time don't build one. It sounds like he has a primary job which does not use the garage or shop. You also mentioned that his shop desires are more expensive/ornate that what you could see yourself wanting. Coming from a state that taxes up the wazoo, I'd hate to have something which is taxed on my place that I don't want. I'm just not sensing ANY commitment from anyone here. It's just a convenience thing... I've never heard of that being a path to success in life.

 

[dnw64]

Oh I wish! We have thought about it... but no one is willing to sell a small parcel.

What about you? Can you subdivide off a half acre or whatever's needed, right where it makes the most sense?

 

[crashz]

I can respect the "burned once" mentality. But considering the assets, and each of your situations, I'd keep it 100% separate. Have him move his stuff in and pay a reasonable rent that you both agree to. But its all yours. If he wants a shop, he can help pay for it, build it whatever. You pay taxes on it. Its yours.

In the same respect, his side gig, his income, his house and rent derived is his.

The fail safe gets messy. You both have some history, baggage and you have your son and extended family to think about. It gets very complicated once you start adding assets that belong to a non-family member (in the eyes of the law).

 

[piaffepony]

What about you? Can you subdivide off a half acre or whatever's needed, right where it makes the most sense?

I absolutely would if I could! However, that would take away my ability to claim an ag exemption on property taxes. I’m not 100% certain but it could also possibly put me at risk for having to pay A LOT of back property taxes as well. Trust me, that’s in no ones best interests.

 

[dnw64]

I absolutely would if I could! However, that would take away my ability to claim an ag exemption on property taxes. I’m not 100% certain but it could also possibly put me at risk for having to pay A LOT of back property taxes as well. Trust me, that’s in no ones best interests.

If you have an ag exemption you will probably fall out of compliance building a non-ag structure on it. At least, that's how it would work here.

 

[aczlan]

If you have an ag exemption you will probably fall out of compliance building a non-ag structure on it. At least, that's how it would work here.

As a farm shop that is also used for other things, she could probably get away with it, but not as a building on a separate piece of property.

Aaron Z

 

[prof fate]

Oh I wish! We have thought about it... but no one is willing to sell a small parcel.

so subdivide some of your land and sell/lease it to him? You can check on it at least as an option.

In my twp you must have a residence on the land to build a 'barn' or such. However, where our farm is, one township over, the rules are very different.

And a 'shop' is perfectly in-line with ag-use. tractor storage,repair, etc. keep the chems/flammables out of the barn

 

[Steppenwolfe]

Re: Determining shop痴 value over time?

I got nothin. :laughing:

I'm of the school (like others) of marriage that if you plan on an exit strategy before the marriage, just don't get married in the first place. While I can understand the desire to protect your assets if something happens, marriage, to me at least, means the two become one. If the two of you can't get to that point, and aren't willing to "risk it all" then just push the marriage scenario "over there" for a while.

What you're really after is a business adventure with fringe benefits (wink wink).

As others have mentioned, you'd be well served to consult an attorney that specializes in prenups. He/she will hopefully have a good grasp of what the two of you want to accomplish with that agreement.

Good luck. :thumbsup:

I concur... My feelings exactly.

 

[MossRoad]

I know several couples that had messy divorces in each of their pasts. They had kids and assets from previous marriages, etc... that they wanted to protect. Their prenups basically said everything I come into the marriage with from the past is mine and will remain mine if the marriage ends. Anything from "I do" forward, we earn together, and will be treated as a joint asset, and thus divided as a joint asset if the marriage ends.

The OP's sticky situation though, doesn't really work with this agreement, because the proposed shop would be built by the boyfriend on her property. How's the guy gonna take that shop with him if the marriage ends?

I guess I'd come to a compromise and build the shop as an empty building, with both contributing to the cost of the building AND both contributing to the cost of the shop equipment, with the understanding that if the marriage ends, she gets the empty building, and he takes the shop equipment. You'd have to keep a running total of the costs of the building and equipment, the value, etc... and try to keep the values equal. If at the end of the marriage, the value of the shop equipment exceeds the value of the building, he'd have to pay up some cash for half the difference, and likewise, if the value of the building exceeds the value of the shop equipment, she'd have to pay up some cash for half the difference. That seems fair and equitable on the shop/equipment issue.

See the little workshop hanging by its ankle there?

 

[CobyRupert]

Don’t split the land.
It would go bye-bye if you split up with him. Lost.
Would be hard to replace, they don’t make new land anymore; compared to him being able to make another building.

 

[D2Cat]

Simplify the shop/building he thinks he needs. You get a loan to build the building on your land. He pays you rent to make the payment on your loan. You keep control of all of your property. Then when if falls apart it's simple to part ways. Always be prepared for the worse if there is no long term commitment between you.

He can rent out his house for a couple of years to see how this arrangement works, and have the option to move back if he chooses. You loose nothing but time.

 

[Sigarms]

Re: Determining shop痴 value over time?

Everyone seems to be missing the simple solution...

The guy loves the girl and wants to spend the rest of eternity with her.

Guy pays for the new shop (he's selling his house and land correct?) out of his own pocket. Guy is getting more capital in pocket quicker than the female because he's selling his place.

The two get divorced 10 years later? The guy only owes the woman the monatary value on the "shop" he built on HER property AND he probably doesn't have to pay her as it's already been paid for for time given.

You don't promise to spend the rest of your life with someone with a "get out of jail free" card handed to you no matter what way you cut it.

Long story short, it seems the female has more to lose than the male if they get married and live on the females property. The male needs to make amends to make the agreement right in the eyes of both parties.

 

[Slowpoke Slim]

I can't believe you haven't been banned for the way you talk to people.

Maybe one or two more trips behind the woodshed with your Paw might have taught you how to talk in public.

Shameful.

Reported.

 

[Sigarms]

I can't believe you haven't been banned for the way you talk to people.

Maybe one or two more trips behind the woodshed with your Paw might have taught you how to talk in public.

Shameful.

Reported.

Just for you slim...