Navigating the intricacies of prenuptial agreements can be complex, particularly for farming families with unique assets and potential generational shifts. Head of Family, Natasha Grande, provides insight into this matter in a new Farmers Weekly article.
Prenuptial agreements offer individuals more certainty regarding their financial future in case of divorce. This is particularly relevant to farming families where assets like land and businesses are involved. In these situations, a well-structured prenuptial agreement not only outlines financial arrangements but also sets expectations about future events, such as generational changes and long-term accommodation plans.
The terms of a prenuptial agreement, which is agreed upon before marriage, define matrimonial and non-matrimonial properties and how these would be divided in case of divorce or separation. It can also outline how finances will be managed during the marriage. While these agreements cannot be amended after marriage, they can be replaced with a postnuptial agreement.
Natasha comments: "It can be challenging coming into a farming family where there is the unique asset of the farm and business, especially if you are not from a farming background and won’t necessarily become part of the farming partnership or work in the business."
Read the full article here.
