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Hello, Im separated since September 09, my husband wanted…

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Hello, I'm separated since September 09...
Hello,
I'm separated since September 09, my husband wanted it, he's stayd in the family house.
We own a farm, we bought it from 2 friends, we gave them a life estate, not registered, but written up by a lawyer and signed by all parties. We both want to hold our word to the agreement. My question is : We have now had the farm appraised and they took into consideration the life estate. They valued the farm at 1 million, and the life estate at 500,000.
Now if we are to sell the farm, the life estate comes off the top of the value, but if we are not to sell, and he buys me out.....I don't feel I should suffer the loss of the life estate cost.
Am I off the plank on this, or is it legal that either way the life estate comes into effect in a financial manner?
My ex says it does...but ?
Also the farm is owned corporately with one of our companies
Submitted: 8 years ago.Category: Canada Law
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Answered in 1 day by:
6/12/2010
Lawyer: Fran-mod,
 replied 8 years ago
Fran-mod
Category: Canada Law
Satisfied Customers: 48
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My name is XXXXX XXXXX I am a moderator at JustAnswer.

It appears you've posted a question without placing a deposit and haven't received an answer yet. Most customers on the site place deposits first, as they will need to do that to unlock the question for viewing once there is an answer so that they can communicate with their Expert.

You may have a better chance of receiving a response, and more quickly, if you place a deposit. Of course, that is entirely up to you!

Best,

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Customer reply replied 8 years ago

Hi thank you for your reply, I will put a deposit down, I had just run out of time the other day when I sent the ,message. Sorry about that!

Pati

Lawyer: Fran-mod,
 replied 8 years ago
Thanks for the quick response. I'll alert the experts that you are awaiting an answer.

Have a great weekend!

Fran

Moderator, JustAnswer
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Customer reply replied 8 years ago

Thank you so much!

Pati

Lawyer: Debra, Lawyer replied 8 years ago
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 106,065
Experience: Lawyer
Verified
I am happy to try and assist you.

Your question is a bit confusing for us though which is one of the reasons it's sat unanswered.

So, we may need to go up and back for while until I can figure the facts out.

Is this correct:

You both own the property. It's valued at $1M. But there are tenants who own a life estate. They don't pay rent. When they both die their interest will be extinguished.

Because they do not pay rent and because the property cannot be otherwise used until the both die, the value that the appraiser subscribed to the property now is only $500K.

Your ex-spouse wants to buy you out. But, he wants to use the $500K figure instead of the $1M.

You are wondering if it's fair.

Is that correct?

My other questions are as follows:

If you sold the farm to a stranger now, the tenants would remain, so the stranger would likely have to pay only $500K? Is that correct?

If your ex buys you out then at some point he will own a property worth 1M plus, right?

He is thinking that while it may be worth $1M down the road if you sold it now to a stranger the price would be $500K so why would he pay more to you?

You are thinking that he will be paying you based on $500K but have a property that eventually will be worth more than twice that.

Is that it in a nutshell?

Do you have a lawyer and, if so, what does the lawyer say?
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Customer reply replied 8 years ago

Yes in the first paragraph

Yes to the second paragraph

yes to the third paragraph

I am wondering if this is legally fair, as he 's stated it is by law if he buys me out, or we sell...he says it makes no difference, and has stated he has talked to a lawyer and an accountant

Yes according to the appraiser and realestate that is correct that it would sell at a price that has had the life estate figured in

Yes if my ex does buy me out, he will own the property outright

Yes, I beleive he is trying to low ball me....although he says he cannot afford to give me more than what he has stated, and if I was to ask for me, we would sell and both be at a financial loss

The property of course will go up in value, it's a very unique peice, and the appraiser has figured the tanants will live another 25 years. I am not interested in abusing his situation of thinking that I should get the value of the future, just todays

I have not been to see a lawyer as of yet, He is pressuring me to make decissions, but I am on a fixed budget.

We have a complicated situation, we own the farm jointly, and another buisness of which I really have had nothing to do with...

You are correct in your assumptions

Thank you,

Pati

Lawyer: Debra, Lawyer replied 8 years ago
I wonder if he would sell you the property based on the lower amount?

You really do need to see a family lawyer.

I do not think either the $500K or the $1M are the correct amounts to use.

I believe that you need a special type of appraisal that includes an actuarial analysis and that a family lawyer will know which appraiser to use.

I do not at all think you should allow him to pressure you. Too much is at stake. And, he is trying to bully you into taking less.

The questions to ask him are whether you can buy him out for that amount and if the place is sold why would that not be fair to both of you.

The answers are that he would not want to sell for $250K and that he wants to benefit in 25 years and doesn't want some stranger to benefit. But, that would be at your expense.

There is no magic solution and I suspect your best bet would be to do as follows:

Consult with a family lawyer and get an appraisal of your own.

Then with this number either have your lawyer negotiate for you or enter mediation with an experienced mediator.

How does that sound?
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Customer reply replied 8 years ago
If I was to take the buy out....could I take him to task for pushing me into a situation down the road?
Lawyer: Debra, Lawyer replied 8 years ago
No.

Once you make a deal that will generally be it.

If he does the whole thing properly he will have you sign an agreement and that will end the matter.

You need to deal with this all in a final way now.
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Customer reply replied 8 years ago

Okay, well thank you

I'm thinking a mediator, could you tell me what it is they do exactally?

Lawyer: Debra, Lawyer replied 8 years ago
A mediator is a person who has skills in training in assisting parties to work out a solution outside of Court.

In family law the better mediators are either practicing or retired senior family lawyers.

They can work with you either with lawyers of your own or just with the two of you alone.

Generally, the two of you would split the cost of the mediation.

I can take place in one of your lawyers' offices or at the mediator's office.

Does that help?
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 106,065
Experience: Lawyer
Verified
Debra and 87 other Canada Law Specialists are ready to help you
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Customer reply replied 8 years ago

Yes thank you so much, I find this to be hard to deal with.

I hope you have a great day!

Lawyer: Debra, Lawyer replied 8 years ago
It's very hard for sure.

But, it will pass and soon things will start to look up. It just takes a while.

Good luck.
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