Minimising the impact of divorce on a farming business – Be prepared next time
16th September 2015
The impact of divorce on any business can be significant, but in farming a divorce can havea crippling effect on the future viability of the farm.
In this series of blogs, Laura Lambert, family law solicitor at Ansons Solicitors advises on ways to limit the impact of divorce on your farming business.
When negotiating a divorce settlement, it is useful to look at what the court would order to achieve a fair outcome.
When making an order for a divorce settlement, the court will try to balance the housing and income needs of each spouse and the children against the assets in the matrimonial pot. The court can order that assets be sold or transferred to achieve a fair outcome and a clean break.
However, if there is inherited farmland involved the court will give greater weight to preserving its heritage. The court will rarely order that an inherited farm be sold to raise funds for a divorce settlement.
Negotiating your own agreement through mediation or collaborative law is more likely to give you a fair and lasting settlement. You can discuss all the options and come to an agreement together to provide for yourselves and your children.
The complex structure of farming businesses; including the partnership structure, the seasonal variations of farming, the timing of state subsidies, specialised agricultural tenancies and any contracting arrangements in place, requires specialist knowledge and legal advice.
At Ansons Solicitors, our agricultural law team has experts in:
- company and commercial law;
- commercial property;
- tax planning and trusts;
- wills and probate;
- dispute resolution; and
- environmental and planning.
For more advice on divorce and financial settlements, contact Laura Lambert in the Cannock office on 01543 431 996 or email llambert@ansonsllp.com or Susan Davies at the Lichfield office on 01543 267 190 or email sdavies@ansonsllp.com.
This article is for general information purposes only and does not constitute legal or professional advice. It should not be used as a substitute for legal advice relating to your particular circumstances. Please note that the law may have changed since the date this article was published.
