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SELLING- splitting profits
I will try to keep this to necessary details.
My husband and his father bought a house together.
2005-2008 My husband and his first wife paid 2/3 mortgage, his father paid 1/3.
2008-2011 Husband = 1/3, his father 1/3, a renter 1/3
2012- My huband and I paid 2/3, his father 1/3.
Since they bought the house, my FIL has maintained a 1/3 mortgage payment. He has also not contributed to any fix-up projects such as paving the driveway and re-doing kitchen floor.
It appears we will be making a profit on the sale of the house this spring (just listed); and FIL would like half the profit, giving us the other half. I'll answer any questions if I left anything important out.
Is there a finanacial advisor, or someone we could talk to that would suggest a way to split the profits that is more fair? I feel like we might be getting screwed over in this deal, my husband doesn't know if its worth fighting his father over. Any advice appreciated.
Re: SELLING- splitting profits
I'm sorry I do not have any advice for you, but this is a perfect example of why you don't mix money with family. If these things were not specified up front it will be difficult to have anything done differently. If your DH and FIL own the house together I can understand why your FIL would expect half the profits.
Good luck!
Agreed! Their plan was for my husband to own the house after FIL passes. When H got divorced and married me and messed up their plans and this is their solution!
We do, yes. I hope FIL realizes this part on his own, because I know H is uncomfortable bring up anything financial.
I think you should stay out of it, I know it's hard, but leave it to him and his dad to figure it out. They may had some unwritten agreement that you are not aware of, like your h is paying 2/3 of the mortgage but gets to live in the house and you FIL maintains his own residence, so he is only paying a 1/3.
If you want to get that technical, he can charge you rent for the time you H lived in the house.
He doesnt maintain his own residence he lives with us. Their unwritten agreement was that after we paid down payment back he would let us keep 100% of the profits. He changed that to 50 after we met with a realtor and realized there would most likely be a proft. Either way... Im staying out of it. Seeing others' opinions has been very helpful, thank you all!