The process involving division of assets after a divorce can be complicated and difficult. There are different set of challenges for couples owning farms together especially when it comes to divorce. The treatment of farms, the farm’s contents and ownership structure, and the necessity of selling the farm are all relevant considerations in family law property settlements.

How do Farms Fare Concerning Property Settlements in Family Law

Farms and farming-related issues do not have their own set of regulations. The same standards of the law applies and uses by the court when division of assets following a divorce is concerned. This is regardless if the property is a farm owned by a family.

Here are the criteria that should be considered when you need to settle your property covered by the Family Law Act of 1975:

  • Discover the assets and liabilities of a relationship and provide them values.
  • Compute for the contributions of each party involved whether monetary or non-monetary.
  • Find out what each of your future requirements is.
  • Think about whether the proposed split is fair and reasonable under all conditions.

There may not be any hard and fast laws when it comes to farming, but the high stakes, complicated ownership history, multiple owners, and combination of personal and business/commercial assets can make property settlement negotiations a real pain.

Particular Considerations in Farm Property Settlements

Important considerations in settling property disputes involving farms include the following. Among them are:

  1. When you and your ex-partner first started living together, did the farm already exist? Would you happen to have any idea of the farm’s worth right now? Was the farm bought or passed down through generations?
  2. Does your relationship revolve around the farm? The farm and all of its parts make up what percentage of the total asset pool?
  3. In your respective roles as farmers and financial partner for agriculture, what have you accomplished? How much money did you make from tending to the farm?
  4. Looking forward, what do you and your ex-partner require from one another? For example, was it difficult for a partner who wasn’t a farmer to make a living outside of farming since they spent so much time working on the farm?

The question of whether one parent may have to move the children to a different city or state is an important one to consider in cases involving children and farming. When parents separate in rural or regional locations, it might be more challenging for them to remain in close proximity to their children than in urban areas. This is because of differences in housing, job prospects, and access to resources.

Seek Family Lawyer’s Advice

As you can see, there is a lot to consider when negotiating property settlement involving a family farm. No matter what you are going through, or deciding to get a divorce, settlement of property is the primary aspect of the things that you need to collaborate with your previous partner. Consulting with family lawyers or property settlement lawyers Perth may help you out to extract the necessary details to go on.