A family farm is often a source of great pride for everyone involved. There sometimes comes a point when the owners of the farm realize their marriage isn’t working. If they decide to divorce, there are a lot of things that will need to happen.
Understanding what you need to do for the family farm is critical, but it may become challenging because you also have to think about your personal life as you work through the divorce.
Equipment and other farm assets
Family farms often have considerable assets, such as equipment or animals. In some cases, the family home is also attached to the farm. This can all make it hard to untangle the farm assets from marital assets. While you’re going through the assets, you also have to factor in the debts.
Outcomes can vary
There are several things that can happen to the family farm. You and your ex may continue to own the farm together, which requires a partnership agreement. It may be sold and the profit split between you and your spouse. Another option is to close the farm down. Finally, you or your ex may buy the other one out of their share of the family farm.
Protecting your rights is an important task when you’re going through a divorce. If you’re in this position, you also have to consider what your decisions are going to do to the family farm. Working with someone who has knowledge about divorcing in these types of situations can help you to find out your options about handling these decisions.
