A farming divorce can be a complex and complicated situation, especially when a farming business is involved.
Many farms will have been in the family for many generations, so when a divorce is the only option it can be hard because you must take into consideration of all parties involved. A farming divorce can create problems such as will land have to be sold? Can the farm still be maintained with all day to day running whilst the divorce is being sorted out? And will the farming business still be viable once someone has had to be paid out? Also, are their other family members that may need help and advice now the situation has changed?
A farming divorce can have added complications to a normal divorce where just the house, savings and pensions need to be taken into consideration, with a farming divorce, stock and machinery may need to be valued and split accordingly and the value of the actual land may have to be taken into consideration.
Some of the more common issues people are faced with in a farming divorce are farming tenancies, corporate ownership and trust arrangements that can complicate who owns the farm, A farm can be is part of a family, the farm is inherited which can make it a non-matrimonial asset.
If you are a farmer looking to protect your business or are planning on divorcing a farmer, we suggest you make sure you go to a legal expert who deals in farming divorces specifically, as it is such a complex process it is essential you get expert legal advice from a solicitor who specialises in such sectors.
A farming divorce specialist will be able to help you in all areas and assist you with reaching a fair financial settlement that is fair to all involved without hopefully harming the farming business.