A farm divorce in Illinois can be complex and it is best to consult an experienced farm divorce lawyer who has expertise in handling farm divorces. A farm divorce can involve navigating through a lot of factors such as farm equipment, land, valuation of options as well as any other assets related to the farm business.
How is Farm Property and Debt Acquired in Illinois?
According to Illinois law, property and debt that are acquired during a marriage are subject to equitable division, however, it is important to keep in mind that there are some exceptions.
Farm property and debt will not be divided on an equal basis but rather equitably distributed.
How to Prepare to Divide Farm Assets
Make a list of all crops that are stored as well as currently harvesting, livestock that you own, all farm equipment and machinery, grain inventory prepaids, and the farmland. When you are putting this information together, including grain inventory prepaids, try to be as detailed as possible. The more information you can provide upfront to your divorce attorney, the smoother and quicker the divorce process will go.
If you have any contracts with vendors, proof of purchase of livestock, land, closing papers, etc. gather all of those for your meeting with your attorney.
Also, if you have any tenancy issues, gather information on that as well.
Experienced in Handling Farm Divorces and Complex Division of Assets
Rincker Law PLLC has years of experience handling farm divorces in Illinois and works hard to ensure that you can get a fair and equitable divorce. Our law firm works with business valuation experts, real estate appraisers, and accountants to position you to get a fair valuation.
Need Assistance with More Than Division of Farm Assets?
Rincker Law PLLC also handles the division of marital assets such as 401k retirement plans, investment properties including stocks and bonds, and business interests. The experienced East Central Illinois family law attorneys at Rincker Law handle all aspects of divorce and family law, and divorce mediation.
Make Sure You Are Best Prepared for Your Farm Divorce
If you considering getting divorced, it is essential to consult an experienced family law lawyer who can counsel and guide you on your farm divorce. You can feel at ease working with a divorce law firm that has years of experience handling complex farm divorces in Illinois.
Call Rincker Law PLLC today at (217) 531-2179 to schedule a confidential consultation.