Farmers, unlike regular business owners, are confronted with very complex issues involving identification and valuation of assets merely by nature of the business they own and operate. Many farm divorces consist of a farming operation that has been owned by a farm family for generations. Now, one of the family members is faced with a divorce and the family may be confronted with a determination of how the “family farm” will be maintained.
Because of the intricate details associated with generational farms, and the farming operation itself, it is imperative to have an attorney by your side that understands the farming operation, including a thorough knowledge relative to the potential assets (i.e. machinery, livestock, land, crops), debts (i.e. operating loans), and even commodity and conservation payments. It is important that your counsel understand both grain and livestock markets.
Issues also present themselves regarding farmland valuations, closely held corporation valuations, and income determinations for both child and spousal support. Income can be derived from numerous sources including grain/livestock/equipment sales, government program payments, hedge gains, crop insurance proceeds and much more. Without the assistance of a skilled attorney who is knowledgeable about farm divorces, many issues may be missed.
The attorneys at Simpson Legal Group, LLC are well versed in all areas of farm divorces and can assist you. Please feel free to contact Simpson Legal Group, LLC at (712) 256-9899 for all of your farm related divorce needs.