The false notion that a prenuptial agreement is only beneficial to the very wealthy has perpetuated for quite some time despite not being very true at all. While virtually all Oregon couples who plan on saying “I do” can benefit from carefully worded prenuptial agreements, some simply have trouble picturing themselves in a situation that would call for one. Those working in the agricultural community are just one of many that might experience this kind of trouble when weighing the potential benefits of a prenup.
Agriculture might not be the largest industry in America, but it is certainly one of the most needed and valuable assets. Many families have worked on the same farm and land for generations, making their work not only financially beneficial, but also sentimental. Although not always the case, most people intend for any family land, equipment or other agricultural related asset to go to their descendants, such as children and grandchildren, but an unexpected divorce can abruptly disrupt that process.
Without a prenuptial agreement, a farm individually owned before marriage, but worked on and tended to by both parties afterward, is a marital asset. Should a couple decide to divorce, that land, farm and all of its assets are up for property division, and the results might not be what the original owner of the farm had wanted or intended to happen. No matter the size of the agricultural business, a prenuptial agreement can prevent the slicing up of a person’s livelihood and family legacy.
An expert in agriculture and its communities noted that many people who can benefit from prenuptial agreements still tend to hold on to the belief that it does not apply to them. However, when something as enormous and valuable — both financially and emotional — is at stake, skipping over a prenup can be a misguided step. While most people in Oregon certainly do not marry with the intention of later divorcing, planning for that possibility can provide a wide plethora of potential benefits and protections for both people.
Source: agweb.com, “Do Farm Kids Need a Prenup?“, Clinton Griffiths, Dec. 30, 2015