[TSOJOURNER]

Does anyone have a template for co-ownership of a sailboat? I know, I know, but I wanted to sail. We have agreed to share expenses, but there seems to be come issues on the timing to pay me back. Also, when we sell, should it be at cost plus improvements or market value? Would a different formula be applied if I wanted to buy the other guy out.

 

[hamiam]

I understand that there is a good contract for the co-ownership of airplanes that can be easily modified for the co-ownership of boats. If you search the web, including sites like www.aopa.com, www.landings.com, or www.avweb.com you should be able to find it. Generally you would depreciate the boat and the improvements. If you wanted to end the partnership and sell the boat, you would simply sell the boat to a third party and split the proceeds. If one or the other partner want to continue to own the boat, the other partner would get his prorata share of the depreciated asset.