Originally Posted By: suckerpunch

The property we built on is not leased, nor is there any written agreement regarding the use of the property. We do not pay the property tax. The business does. That is one of the reasons the BANK wanted the house wrapped into the business loan when we refinanced. Technically, land ownership shows structure ownership. Basically if a building is on a piece of land, whoever owns the land typically owns the building.


I think I mentioned this before in your thread, but I'm not sure why you're getting hung up on the value (or lack thereof) of the house. The house is an asset of the business. You're a part owner of the business, and by extension, so is your W. And the value of the business is mainly in current and future income, the material holdings are usually just a small factor. So what the court is going to be looking at (if the two of you can't come to an agreement) is not the home value, it is the value of the entire business (as determined by a 3rd party) and what fraction of that is due your W. Now this is the part where you say "oh but the business barely breaks even", well yeah, so does most every business including the company I work for. It has no material holdings and breaks even because the profits are paid out to the employees, yet the value of this small company is over a million dollars. If you and your relatives are living off of income generated by the business, then the business has value, and you might be surprised to find out how much value it will be assigned.


Me: 60 w/ S18, D24, D27

M: 21 years; BD: 06-14-12; S: 09-10-12; D final: 03-17-14; XW:57