After mediation by his mother, an agreement was reached on 13 January 1480 between him and his older brothers to divide the duchy.
He married Margaret, daughter of Duke Eric II of Pomerania, in 1487.
After the deaths of Balthasar and his nephews Eric II, the rule of Mecklenburg was divided among Magnus' surviving sons.
[1] Balthasar was a scholarly man and served as the rector of the University of Rostock three times.
[2] He was a promoter of the Dresdner Heldenbuch, created by Kaspar von der Rhön;[3][4] this support likely influenced Emperor Maximilian I in his support of the Ambraser Heldenbuch, a highly significant manuscript in the history of German literature.