Assets in divorce - Farms
Farming and rural businesses can present special challenges because they are frequently capital intensive and the business is often linked to the marital home.
Expert valuations may be required which may take into account the quality of the soil, efficiency of the land drainage and the condition of the grown crops. We will confirm land ownership, tenancies, restrictions, covenants and development. Once this information has been gathered, evidence of other property sales in the locality will be considered by a valuer to form the basis of any calculation. Land ownership anomalies can and do occur regularly.
It is not unusual for the farm house to be in separate ownership to the surrounding land. The best price for farm land is achieved when it is sold with vacant possession. We often find however that land is let on secure lifetime tenancies. The value of farm cottages can also be affected if these are part of the farm tenancy or occupied under tenancies that are protected. A well researched report can help achieve a settlement.
Many farm businesses involve some form of trust or family settlement. Again, our family solicitors can draw on our specialist experts in the commercial department to ensure that all of the relevant factors that may help your case are brought to light.