(edited)Business
Wondering what I can do to protect the farm and equipment if anything.
32
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 s...
More(edited)
Interview all the best lawyers to hire. Pick an expert with farm divorce!!
In my case, She told me the farm was a business that would make income and she should get part of that income going forward. I said ok how much will you pay me, you can take the “business” and I’ll take my share. What she offers to pay you…. That’s the value, and you’ll likely have to pay her that. But will your landlo...
MoreI haven't been through one but know someone going through one for four or five years with no end in sight. Get a good lawyer and check with him before doing anything stupid like letting them move back in.
I have a friend at work that unless they start talking and finding answers I don't see how they won't be going down the D road.
Once it gets started it rarely comes back together. Get out before you start making real money and never look back.
Yeah if just left don’t for her to come back pertect your self right away with paper work with a deal and get it signed longer ya wait more she will want get a deal signed right away to be perfected if she does come back later o well ! Hope this helps !
If you can prove that he/she did not contribute, they may not get half!
Best advice I got 30 plus years ago was to get rid of her as fast as possible. You need to decide what assets are the most important, be willing to give up the others. Equipment can always be rented, other assets are harder to come by. You both could decide to put some assets in kids names. And yes you need a very good lawyer, it is a cost of divorce.
1
If you have been married for any length of time then basically your spouse is entitled to at least 50% of the net value of your marital estate. This would not include any property or assets that either of you had before the marriage, gifts or inheritance that you or your spouse may have received after your marriage, which by the way would have to have documented proof. A local judge will most like...
More1
mine was 7 years ago it came down to a 50/50 assets minus debt plus retirement accounts and cash value life insurance. There was no value given to cash flow and ability to deal with ongoing debts. been a struggle but still vertical some are glad others not so much. wish you well. i like the thought shared about on going cash flow and debt service
2
My dad just went through one the same year I got married. Praying for you man. I saw how far down it took my dad. Been 3 years now and he’s a lot better. Time heals and surround yourself with friends.
2
(edited)
My ex wife left me after 3months married but it took 2.5 yrs to finally be rid of her. Like said before I kind of saw it coming and never filed taxes together, married filing separately, never shared monies so it was easy to prove she contributed nothing to farming operation. Had my daughter born 6months after she left hence reason for getting married. That has been the real battle, the ups and do...
More4
Get a lawyer that knows the local judges since they decide most cases. In terms of protecting your farm I assume it wasn’t in a trust? If not all you can do is try to negotiate renting to own her share of the farm or you own it and pay her maintenance commensurate with the rental value plus some equity to own over time.
1
I am in the middle of a 3 year battle from a 40 year marriage, and trying to save a farm that has been in my family for 145 years. My twist is that I am the farmer and the wife. Getting a good lawyer IS key. The thing no one tells you is once you file for divorce, your ability to move assets gets frozen. Secure your assets BEFORE you file!
6
(edited)
I got divorced after 7 years of marriage and two kids. It was very difficult but I could not go on living with her. She was a psychotic b and it had gotten to the point where I hated going home which made things difficult after very long days on the farm. I had become very depressed. She was also very unhappy. I wish I could have made it work for the kids, but I failed. I was at an advan...
More1
1
Nope Corporations don't protect marital assets, my Ex was 12% owner of a Corporation my parents started but was still entitled to 50% .
Settle as quick as possible. If a judge gets involved, it will drag out. Judges and lawyers want it to go on forever
I went thru a divorce after 30 years of marriage. Saved as much as I could and was very frugal (unlike my ex) to be able to retire at 55. A week after into retirement she filed for divorce four months months after out 30th anniversary.
So all Incan recommend is to keep the kids out of it and don’t say anything about their mother, look at it like a business transaction and negotiate the best deal...
More4
I have, and I’m sorry that you are going through this.
First of all accept that this is happening even if you don’t agree. Also keep things amicable, your integrity is worth keeping intact. This is an opportunity for you to focus and improve yourself. Take time to mourn this loss, then slowly regain the Joy in life. You’ve got this! The fear of losing the equipment is just that, a fear. I understa...
More3
Give her what she wants right away. Lawyers are bullshit
1
I have been through it. Tried to keep it afloat but it was a losing cause, was losing anyway so I divorced her. Everyone has unique circumstances that lead to divorce (his fault, her fault, etc..). Get a good lawyer, dont give up, and know better days are ahead. Keep your chin up and I wish you the best.
3
I've got to echo what says above. If that's not possible there are lots of "if's". Mine was irreconcilable. If there's young kids it becomes even trickier and would suggest you focus on them. Bankers have way more power legally than most think, they can flat out tell the judge "no" and he has to come to some other agreement. They (bankers) have the final say in division of loans and col...
More4
Let me plant a seed that may not develop, because that's what I've attempted as a farmer of 30 years. Since we as farmers make resource allocation decisions each year, I would put this decision in the same category. I would humbly suggest that you reflect on the concept of reconciliation. Divorce or reconciliation, which commands the best allocation of resources? I've been married for 33 year...
More22
1
I would agree with reconciliation.
She will get half of anything after date of marriage until divorce is final, it’s unfortunate but it is what it is. Negotiate and stipulate to as much as possible out of court. I had a nasty 2 year battle and the lawyers took a lot of equity. My best advice, get a great lawyer and help her get an EXCELLENT one if you can. My ex’s lawyer was on the verge of retirement, completely inept and greedy s...
MoreI've always been told when I complain about the house remodel, her clothes, or the new couch that "Its cheaper than Half"
I had a friend go threw a devorce in Iowa and everything he had before the marriage she could not touch. But anything they got why married it was 50/50and that included the loans and everything else. Good luck and hope I never have to go threw it myself
(edited)
I have friend who setup his farm as each family is an llc to the farm. there are 3 to family's tied to this farm. then each llc has a vote on what is going to happen on that farm. Then they put in a clause if one family gets divorced there voting gets split in half. and if the one leaving wants to sell there portion they can but whoever buys it is only going to get half a vote.
1
Well,my great uncle told me. If its not your fault like working to many hour etc. Living with them is easier than cleaning the garage. If your a farmer you got a big garage!
1
I’ve been there too. Not a fun time but you will get through it. Get the best lawyer!!! And you will be thankful you did. Every situation is different so I’m sorry I can’t give you specific advice except do what’s best for YOU and your KIDS if you have any.
1
What I ended up doing after watching two lawyers get rich (hers and mine) for about a year, was packaged everything up neatly meaning balance sheet and bank notes and told her lawyer they can have the entire farm. INCLUDING all the DEBT and all I would like is her 401k account. Lol. Ended up fighting over the lawn mower which she got. Moral is...hand the farm the headaches the crops in the f...
More8
I've been through it... get the best lawyer you can. That's what helped me...it cost but was worth every penny...
1
I personally haven't but know of a couple people who have. Get yourself a good lawyer and not a local lawyer. One guys divorce was quite civil and quick. The other was terrible and the lawyers made out very well.
In WI. Its pretty cut and dry 50/50 .