What To Do With Farm Assets In A Divorce
A divorce involving a farm or other agricultural operation presents many complex financial issues. A spouse should consider retaining a law firm with the requisite financial analysis capabilities. This may require the valuation of options and futures, the land itself and equipment and other assets.
At Lake • Toback • DiDomenico, we have represented numerous clients in downstate Illinois in divorces involving farms and agricultural land. We are known throughout the state for our abilities in divorces involving high net worth couples and complex property division issues. When we represent you, we will work diligently to protect your rights and interests and seek the best possible divorce settlement for you.
Farming And Divorce In Illinois
In Illinois, property and debts acquired during a marriage are subject to equitable division, with some exceptions. This means that marital property and debts, once properly identified and valued, will be divided on an equitable and not necessarily equal basis.
This three-step process requires discipline and the application of sophisticated financial analysis and appraisal techniques. Our attorneys have extensive experience in divorces involving farms or other agricultural operations, family businesses and other complex property division issues. To support their efforts, our law firm can draw upon the knowledge and skills of experts in appropriate disciplines, such as farm valuation specialists, appraisers, tax accountants, forensic accountants and other professionals. We are proud to say that we have been successful in keeping farms, family-owned businesses and other businesses intact as ongoing enterprises.
Through careful analysis, we will characterize your rightful share of marital property and place a fair value on that property. The attorneys at Lake • Toback • DiDomenico will then apply their advocacy skills in settlement negotiations or at trial, seeking results for you.