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Farming Families May Benefit From Planning in Case of Divorce

On behalf of Tasha K. Schaffner of Schaffner Family Law posted in divorce on Thursday, July 12, 2018.

Family farms are a rich heritage in many parts of the country, including many areas of Kentucky. While it takes a special calling to devote one’s life to farming, it may also require more planning to preserve a farm in the event of a divorce. Every situation is unique and requires an individual approach, but there are measures any couple could take to make the process easier.

The prospect of finding an equitable division of a couple’s assets is seldom an easy task. However, when the couple have worked and lived on a farm, the process can become even more complicated. Much of the assets are not in a form that is easy to liquidate as there is usually farming equipment, acreage, crops and livestock involved. The question of how to determine an agreeable and equitable division is often left to the courts, which will take a wide variety of factors into consideration.

One step that couples could take that could help protect a family farm from a divorce is to enter into a pre- or post-nuptial agreement. This contract would state which spouse is entitled to certain assets and could also spell out which assets would be considered non-marital. There are laws that regulate these contracts as they are not permitted to be grossly unfair to either spouse.

Those who choose an agricultural way of life may find that the stresses involved combine to make a marriage unsustainable. Spouses who have worked together to understand the finances and inner workings of their farm may find that they have an advantage when it comes to working out a suitable settlement agreement. Kentucky residents who are preparing to file for a divorce — regardless of their occupation — may benefit from the assistance of an experienced family law attorney who can guide them through the entire process to obtain a settlement that best provides for their future.

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