ownership .

lockmaster

hello .....
my ex partner and myself recently bought a boat we have since ended the relationship both of our names are on the { bill of sale } for the boat . she would like to keep the boat on . what i would like to know is what are my rights regarding the boat .
1 would she have to buy me out ? if she decides to keep the boat on ?
2 if she decides to sell the boat am i entitled to half of the sale of the boat ?

any information on this matter will be gratefully received .
regards ..

Peregrinus

You own it jointly. You can give her your half-share, or you can sell it to her if she is willing to buy. Or the other way around - she can give or sell her share to you. Or, if your relationship breakdown ends up in court, a court order may transfer the boat to one or other of you, or direct that it be sold. If none of these things happen they you will continue to own it jointly, and you will need to agree about what is to happen to it. If you can't agree, then eventually you may end up in court. Generally, in cases of disagreement between co-owners of any property, the court will order that the property be sold and the proceeds divided between the co-owners, but in the context of relationship breakdown proceedings they have a wider range of possible orders available to them.

Polo_Mint

Who paid for the boat?

Did you pay 50/50?

lockmaster

i paid for the boat but we signed for it together with both our names on the bill of sale ... does that matter ?

Polo_Mint

Tell her you want all your money back that you invested into the Boat as you have no use for it.

1. She can give you the money you invested into the boat and she can keep it.

2. You sell the boat and if its sold at a loss you keep 100% of the money

3. If you sell for a profit, you get your original investment back and she can have the rest.

Just because she have joint ownership does not put the boat in her habour

amdublin

Polo_Mint wrote: »

Tell her you want all your money back that you invested into the Boat as you have no use for it.

1. She can give you the money you invested into the boat and she can keep it.

2. You sell the boat and if its sold at a loss you keep 100% of the money

3. If you sell for a profit, you get your original investment back and she can have the rest.

Just because she have joint ownership does not put the boat in her habour

Why for no 3 would you give her the profit?? Why not you take your original investment and you split the rest.

Op personally I think simplest you both agree to sell it and cut your losses or split the profits.

lockmaster

well it is joint ownership some what like a home . so i think if she would like to keep the boat she will have to buy me out .... or sell the boat and split the proceeds . simple as that .
anyway i was just looking for some ideas on this matter . thanks guys .