You love taking care of your farm, but now that you’re getting a divorce, there could be a problem. You may not have known this, but in marriages where there is a business, around 75 percent end in divorce. The high stress of running a farm could be the reason behind yours, or there could be other causes.
In the United States, farmers tend to be from more conservative backgrounds, but the trend for farmers to get a divorce is on the rise. What should you do to protect your wealth? One option is a prenuptial agreement, but even then, that may not hold up entirely in court depending on many factors.
Do prenuptial agreements play a role in your marriage’s demise? For some it may, if it’s perceived that you or your partner is not trusted. For this reason, it’s important to talk about the prenuptial agreement before your wedding day. You both need to understand why it’s being put in place and why it is not a sign that you don’t trust your partner.
Keeping a marriage together is about supporting one another. If a bride or groom feels he or she is being cut out in the case of divorce, there’s a lower chance that he or she will want to see the farm succeed. To avoid those kinds of feelings, talking to your attorney about a prenuptial agreement and understanding why it’s in both your best interests is vital. The agreement needs to take both parties into consideration, so you’re both protected if anything goes wrong.
Source: Successful Farming, “Divorce becoming a major factor in farming,” Mark Junkin, accessed May 18, 2017