I think downsizing is the smartest idea. Having a financial burden if something happen to either of you is the last thing you want to worry about.

We sold our house and moved in June, 2014. This is an old post.

Nancy, I can tell you about people who have had negative experiences. For one thing, if you split the property and sell, you might be wise to consider selling the other half to a relative or special friend -- but especially to someone who loves the property and who has the same tastes and values you have. Perhaps you have a grandchild, niece, or nephew who would want to live on one half of the property and perhaps become your caregiver in the future. You might look into entering into a trust agreement or life lease with such a relative. Too often people sell to someone they do not know too well, and then they are heartbroken when the "new" person does not appreciate the good qualities of the property and does not respect the original owner's feelings and memories. Also remember that you plan to keep animals you love. Would you want to take a chance on people who would not love the animals and who might mistreat them? Ifyou are willing to relocate, I would suggest you sell the property, along with the pasture for the animals, to someone who really loves and wants the place and THEN find a smaller home either one of you can manage easily and consider you are starting a new chapter in your lives.

Sheila, please notice the date on my post was from 2014. We sold the property in toto. After investigating the division of the property with associated costs we decided to move to an established community. Four years later, we downsized again and now live in a smaller city and in a senior mobile home park, which we are really glad we did. The Albuquerque area had too many people and too much traffic for us. The city we are now in has a population of 50,000, instead of almost a million. Much happier.

Nancy, thank you for answering me so promptly. I am glad you solved your situation in a way that has been good for you and that you are happy now. Although the post is/was old, perhaps all the advice will help other people with the same problem take a realistic look at the options. I do see that your decision was much as what I described. My parents and grandparents tried splitting properties with other people, with the results being very disappointing for them, and that is why I was prompted to answer the post, even if it was old. i hope you continue to be very happy with your new home.

I would suggest going with a 1/4 of an acre for your modular if possible. An acre and a half is a still a lot of work. Maybe sell the donkey and horse to the new owners. The extra money from the the extra acre may help lower your payments even more. Also will you need to factor in the cost of a septic tank and well for the new modular home?