For many divorcing couples, the family home is the single most expensive and important asset they must deal with. If you are a farmer, this can get even more complicated. Not only must you figure out a way to divide the house, but acres of farmland too.
A farm has more than sentimental value. It could be your primary or even sole source of income. It is vital for you and your children that you get this right. You should not have to take less than a reasonable portion of the farm’s value out of your divorce.
What can we do with the farm?
Like most states, Illinois practices equitable distribution when dividing marital assets. This means that almost everything acquired during your marriage belongs equally to you and your spouse, and the two of you must split up those assets fairly — but not necessarily at an exact 50-50 split. Instead, you and your ex likely have several options, such as:
- One spouse keeps the farm and buys out the other spouse’s share.
- The spouses continue to own the farm after the divorce jointly.
- The spouses sell the farm to a third party and divide the proceeds.
- The spouses subdivide the farm into two.
Still, there can be complicating factors that make this more challenging. For one thing, you must have an accurate valuation of the farm and all its contents, including crops and livestock. Also, there could be disagreement between you and your ex over whether all or some of the farm is marital property or not. Fortunately, these and other factors can be resolved without going to court with the help of an experienced divorce attorney.