An experienced family law attorney is vital to ensuring that your family farm is protected or divided in an equitable fashion in the event of divorce. Farm and agricultural businesses often have high capital investments in land, machinery, crops, livestock, and equipment. In a divorce action, these assets may be divided between the spouses. If you and your spouse have worked side by side on the farm, your contribution of labor will also be considered in determining an equal division of farm assets.
Knight & Salladay Law Offices has experience handling complex farm divorces and protecting large assets in Missouri. We can help you with issues such as:
- Valuation- We work closely with CPAs and farm appraisers who specialize in valuing farmland and assets, such as crops, equipment and livestock. Our analysis includes discovery of all documents demonstrating the net worth of the farm. If necessary, we also consider the tax consequences associated with a possible transfer or sale of farmland. Once a value is established, we can discuss solutions to ensuring an equal division of the farm estate.
- Passing down the family farm- A trust may be necessary to secure your children's anticipated inheritance of the family farm. A farm trust ensures that the farm continues to be passed down to future generations, even in the event of divorce or remarriage.
- Protecting retirement for farm families- Farmers often depend on farm income to support their retirement. Extra income is invested in the farm, rather than in a retirement account. We can ensure that in the event of divorce this investment is protected.
- Prenuptial agreements for farmers- A prenuptial agreement can minimize the stress that divorce puts on a family farm business by determining the division of assets and responsibilities for liabilities in the event of divorce.
Both Dave Knight and Amy Salladay grew up on family farms and both are also engaged in farming when not practicing law. We know how important protecting the family farm is to you and we have the experience and knowledge to understand the issues and guide you through making the right decision for you and future generations to come.
Knight & Salladay can help Missouri farmers protect large assets and farm interests before a crisis arises or when divorce is on the horizon. Contact our firm for experienced advice and representation in this area.