Co-Owning…

[DPDOT]

Good evening,

I’m looking for some advice on the concept of Co-Owning.

50% owned by breeder 50% owned by an outside party.

Has anyone co-owned before? Specifically a youngster? How did this work for you? Who was responsible for what?

Any examples of co-owning contracts/agreements would also be appreciated.

Thanks in advance.

 

[DSB]

50/50 On everything,Expenses,prize money trophies and a bloody good contract .Get some legal advice before you jump.

 

[ycbm]

It can get very complicated if one of the owners supplies the livery services and wants to make a profit on those as they would for another owner. As above, tight contract.
.

 

[ihatework]

Yes I have.
You need a good contract specific to your circumstances.

Essentially think of all the things that could go wrong and agree in writing up front!

Upkeep costs
Insurance - LOU
Increase in value - who benefits?
Future Sale - do you both have to agree or will one buy out the other?
One party hits financial hardship?
Retirement - what will you do?
Competitive aims - these often differ
Training methods

 

[Parrotperson]

Be very wary going into it. Make sure your contract is legally very very tight

I know someone who was in a partnership 50/50 with someone. They had an event horse

She allowed a third party to take it hunting one Saturday. Lad tried to jump a 5ft hedge with a bloody great ditch in front. Horse half jumped half refused. Broke its back. Wasn’t insured. She hadn’t asked the other owner for their permission.

So it can be a minefield.