How to split a property asset?
September 4, 2007 12:54 PM Subscribe
My father and his brother currently own a sizable piece of property in upstate NY. They each own 50% of the property. My uncle will eventually leave his half to his three sons, and my father will leave his half to his three daughters (which of course, includes me). Due to health reasons, there is a good chance my uncle will move elsewhere and transfer his ownership to my cousins in the near future.
posted by silverstatue to Law & Government (14 answers total) 1 user marked this as a favorite
Herein lies my father and my concern. We love this property. My sisters and I grew up there. Someday I want to raise my family there. It is quite literally my favorite place in the entire world. My cousins never actually lived there and are starting their families elsewhere. We are worried that, when the ownership passes over to them, there is a good chance at least one of them will want to “get his share” in the form of money. What happens then? Would we (the other shareholders) be legally responsible for giving the person in question the monetary equivalent of one sixth of the property’s value? I doubt we’d have that kind of money, so I guess we’d have to cannibalize the property and sell off a chunk to raise funds. Which would be heartbreaking.
Hey, I don’t blame my cousins if they DID choose to “cash in” (for lack of a better term) their share of the property. They have their lives elsewhere and are raising families and maybe they’d rather have a nice amount of money than own one-sixth of a property they don’t even use! That’s absolutely understandable. I mean, for that matter, maybe even one of my sisters might find themselves in a desperate situation one day and prefer the money instead of the property asset. I’m just wondering how something like that would/should be handled.
I know I’ll eventually have to speak to a lawyer about this, but I was just wondering if anyone has any advice or perhaps anecdotes of similar situations to share?