Verified FBN Member (MI)

(edited)Business

Anyboby on here been through a divorce? Just looking for some advice thanks.

Wondering what I can do to protect the farm and equipment if anything.

32


Verified FBN Member (KS)

9 years and 10 months ago I went through a divorce after 32 years of marriage. I didn't get a high end expensive attorney, but he was an attorney that specialized in divorces. I went into my attorneys office with up to date financial statements which he looked at and asked if the numbers were real. I said yes and he said well you are not going to get out of this without paying her half. I didn't see how I would ever be able to afford the repurchase of land which had appreciated in value. The attorney felt that I would be able to do it. He said try to get her to accept payments as alimony payments over 10 years, this way I got to finance the debt at 0% interest and the payments were tax deductible. She took some assets which were deducted from the balance owed and I did cut the value of property a little, . I talked to her and explained that this is the deal and that we can get into long battles in which the attorneys will wind up with most of the stuff or we can get out of this with us keeping most everything. She took the proposal to her attorney in which her attorney didn't like it, (of course) and told her alimony payments were unacceptable because that she would be paying income tax on that, and that she wanted to force sale on the property. I reasoned with her that one of us would be paying income tax on the payments and that she was the one receiving them i felt it only fair that she should pay the tax and if the property sold she would also pay tax. (by the way my attorney told me almost immediately when i met with him that I should not worry, she will not be able to force sale of the property. I'm not sure why because this issue was never forced, but this did give me comfort). So..... I have 2 months left, $2,000 per month. I made it through and and excited about it!!!! Our 3 children were grown and out of the house which made this much easier.

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