“We are separating but own a farm together - what should I do?”
Cases involving farming assets can be some of the most emotive and challenging to deal with. If you or your partner are farmers your home life and your work life will be closely intertwined and the line between the two is often blurred. However the divide between personal and business assets need not be complicated. With the right expertise, simple steps can be taken to ensure that the families who live within the farm are given the very best advice possible. This advice must be catered to the special circumstances of farm life ensuring their assets are protected.
There are a number of ways you can look to protect farm assets:
A cohabitation agreement
If you own the farm home and would like a new partner to move in with you, a cohabitation agreement will provide you both with a legally binding document that confirms your new partner has no legal interest in the farm house or any surrounding land/ assets.
Declarations of trust
If you and your partner are investing in land or property together, you can complete a declaration of trust which confirms the ownership.
It is often not simply a matter of clarifying the legal ownership, but ensuring that the farm and its assets are protected for future generations. We understand that many farmers see themselves as custodians of the farm and should a relationship breakdown, the farm is maintained. A trust can look to achieve this.
Partnerships and companies
If you and your partner have decided to go into business together, we can advise you about the best structure to protect your interests. Should the worst happen, and your relationship breakdown, these documents will also look to provide a seamless exit for both of you without need for costly and time consuming litigation.
Any steps taken to protect farm assets must also take into account tax, property and planning law to ensure the farm and the structures created to protect it, can weather any storm.
Expert legal advice
For more information or an informal chat about your next steps, contact us on 0344 326 0450 or email us.
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