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Going through a divorce. Long story short I’m keeping all assets in exchange for a long term, very generous rental agreement. Market rate as is is $3500/month, I’m renting to her for $1800/month. She is expected to rent other rooms on the property, if she makes above or below the $1800 the difference is split between us. The agreement lasts for 8 years. She makes $40k and is highly incentivized to make up the extra $1800 That puts me at risk for paying $2,600 for a property that I can’t use, so I have an eviction clause that lets me evict for any reason with a 4 month notice. If things go really sideways it will be messy but my hope is to just ride out the 8 years and collect the property on the other end. Anything I should do to optimize this agreement? My profit incentive to maintain the property is shot, as I only get 1/2 of any profit and I’ll have to front the full cost. Thoughts? I could put $20k to fix the pool and bump market rate $200/month FYI in exchange for all that I walk with $400k assets. $280k
It sounds like you’re getting a good deal. She has to live in her old home with renters while making $40k per year? Sounds like she has a rough time ahead, maybe think about ways you could ease the burden for her.
She has 3 cats and 2 dogs. She’s also getting a “landlord that lets her keep her animals” on top of everything else
She wouldn’t have to have this situation if she was still living in her own home married. Compared to that, it sucks. Sounds like you’re not able to have compassion. I feel sorry for your ex, that’s a difficult person for her to be divorced from.
Based on posts on blind I thought women walked away with everything in a divorce and poor men were left penniless and abused. This post can’t be legit cos such women dont exist. I think u should kick her out right now why even bother giving her this much?
Keeping this property is a mistake. It will forever be a point of contention.
Kinda agree but we have 2.5% interest which is unironically worth it
Rajesh, please learn the lesson. Better to ask mummy to find a obidient 🐥. Better than fall in love with homewrecker like OP.
Smart girl to get rid of this shit before kids. I hope she is smart enough to get a lawyer consultation as well.
Horrible idea. The eviction clause is not enforceable in some tenant friendly states like CA. Also with 4 month eviction period they would definitely gain squatters rights if they choose not to pay. You are also on the hook to keep the house in habitable conditions. Also how are you going to enforce the “gimme half above 1800”? She could just lie and you would never know. What if she rents out a room to somebody and they they trash your house. You’re fronting the repairs, not her. You are also liable for the other hidden costs like property taxes and hoa special accessments. Either treat her life another tenant or get rid of it. I would also get a PM is you are not familiar with local laws.
On a side note, your lender/court might force you to refi is her name is also on the house.
If the goal is to go half-half, she is actually getting an unfair share. How much of the house was earned during your marriage? Maybe that clear things up.
I paid for all of the house, but a large chunk ($200k) was strictly market growth. Together for 6 years, married for 1 year.