For those of you who missed it, in this previous post last fall I discussed why I thought prenuptial (“prenups”) agreements were “romantic.” Last night, I came across this Fact Sheet by Chris Zoller and David Marrison from The Ohio State University Extension Office discussing prenuptial agreements for farms. The Fact Sheet properly states that “[f]arm and agriculture businesses often have high capital investments in land, machinery, livestock, and miscellaneous equipment.” In fact, many farms are valued at over $1 million in capital assets.
An an attorney who handles divorces, I can say that marriages typically end fighting over money and assets. Even if a couple decides that they are willing to share 50% of the marital wealth, what is and is not marital property and how that property should be divided is oftentimes contested. With farm families, equitable distribution can be particularly complicated.
In the words of Zoller and Marrison, “[n]o one likes to believe their marriage will end in a divorce. Writing a prenuptial agreement does not mean a couple believes their marriage will fail but rather they are planning for the continued success of their agriculture business.” I think that prenuptial agreements are a loving and respectful insurance policy. It forces couples to get financially naked before the marriage begins and lets each spouse really understand what they are getting themselves into.
So let’s take the “taboo” out of pre-nups. Doesn’t mean that you are a Starter Wife (or Husband) and it doesn’t mean that you are starting your marriage thinking about the end. Prenuptial agreements are not for everyone but it may be the right decision for you.
"This blog is for informational purposes only and is not intended to create an attorney-client relationship. It is recommended that you speak to an attorney licensed in your jurisdiction before relying on the information in this blog."