- Depending on individual circumstances, going through the divorce process can be relatively straightforward or incredibly complex. Usually in the latter camp are farming families, whose assets often require a good deal of untangling, and whose future financial situation is inextricably linked to the consequences of Brexit.
In any divorce, financial claims can include income, capital, property, pensions and claims against the business owned by either party. For farmers, their business is the family farm; financial aspects will encompass farming and management accounts, lending, income and expenditure plus evidence of ownership and even the boundary of the land.
Many farms involve farming families spanning generations, often living at close quarters. This can mean strong family ties, co-farming, tenancies, trusts and inheritance are in the mix. It’s perfectly possible that while a farm provides a home for the couple and their children, they may not actually own it. The ‘home’ might instead be owned by their parents or parents-in-law.
Frequently, farming families will have put succession planning
