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first part of my series about putting business practices back into family farm businesses, I talked about proper estate planning. Today, I’m going to take a look at marital fractures. One question I’m often asked is, “What if my son goes through a divorce? I don’t want his ex-wife to get half the farm!”
The only way to entirely avoid losing assets in a matrimonial dispute is to remain poor forever. This should not be the goal. The goal should be to ensure assets at risk in such a dispute are truly matrimonial property as opposed to a:
The possibility of divorce is a sound reason to make certain that, as soon as a child begins showing an interest in being involved in the family farm business, the proper structure is established. The following measures should be taken in order to ensure that no one is unfairly treated in the business arrangement if a marital breakdown does occur:
To learn more about matrimonial property and farmland, contact Dean Klippenstine, CPA, CA, Director, Primary Producers, at 877.790.7990 or
[email protected], or your local MNP Advisor.
Related Topics:Family; Farmers
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