Farming takes a lot of work and commitment. This profession and its necessary activities may have played important roles in your life since you were a young child. As you grew up, the family farm may have passed on to you, or you may have purchased your own land and created your own homestead. In either case, you married and envisioned your spouse helping you work the land for years to come.
Unfortunately, your marriage has not withstood the test of time, and divorce is on the horizon. You and your spouse may have had long discussions about the situation and decided it was best for both of you for the relationship to end. However, you may have concerns that your farm will suffer during the process.
Dividing up property
For farmers and ranchers like you, divorce can have a significant effect on your property and your livelihood. After all, you likely earn an income from the various workings of your farm, and if you must divide some of the assets needed to complete those activities, your work could suffer. Unlike other types of divorce and property division, the assets of a farm are not as liquid as other assets. You may have some of the following and more assets to consider:
- Farming equipment
- Real estate
- Insurance policies
- Rental income
- Retirement savings
In some ways, handling a farm in a divorce is like handling a business, but it certainly comes with its unique challenges. You and your spouse will still need to determine what may count as marital property and as separate property and how you could divide the applicable assets. You may be able to come to certain division terms on your own, but if the situation becomes too complicated, the court may have to play a part in those important decisions.
Understanding your options
You certainly do not want to put your farm in jeopardy or put your livelihood at risk. Still, you know that divorce is coming, and you need to prepare. Fortunately, you can work with a Montana attorney experienced in handling divorce cases in which farms are a point of concern. You can gain information and advice that applies specifically to your situation, which could help you make more informed decisions as your marriage dissolution case moves forward.