Olmsted County Farm Divorce Attorneys
Property division is a necessary part of getting divorced, but it is rarely simple. This is especially true for Minnesota’s family farmers, who live and work on the land they own. Figuring out what to do with farmland in divorce is not the same thing as deciding how to handle a house. You need experienced and effective advice and solutions from a reliable divorce attorney.
Our divorce lawyers at VanDerHeyden Law Office, P.A., can help you. Located in Rochester, we have served Olmsted County’s farmers since 1980. Our substantial experience handling farms as part of dividing assets in divorce will help us choose a proven strategy in your case. We will base our approach on your input and stated goals to reach a satisfying conclusion.
How Is Farmland Valued Differently Than Residential Property?
Minnesota courts value farmland differently than residential property because it usually relates to agricultural use, income potential and land productivity rather than just comparable home sales. Appraisers usually assess a residential home by looking at nearby sales of similar houses and standard market conditions. In contrast, farmland might need a more specialized analysis that considers:
- Tillable acres
- Soil quality
- Drainage
- Crop yield
- Conservation restrictions
- Any farm-related improvements
This difference matters because valuing farmland incorrectly can lead to an unfair property division. In some cases, a standard real estate appraisal is not enough, and the court may need a farm-specific appraisal or financial review to determine fair market value. Because farmland can be complex to divide physically, Minnesota divorcing spouses often resolve the issue through a buyout, offsetting the farm’s value with other assets or negotiating a settlement that helps keep the farm operation intact.
Dividing Farmland In A Minnesota Divorce
Whether you live on your farm or not, it is likely the single most valuable asset you and your spouse own. If it is marital property, it belongs to both of you jointly. Therefore, you must decide what to do with it before your divorce can be finalized.
One of the challenges in dividing farm assets is determining exactly what the farm is worth. Without an accurate valuation, you cannot know if you are getting your fair share. We have the experience to valuate your farmland. To do this, we examine factors like:
- The land itself
- Buildings and other improvements
- Farm equipment
- Livestock and dairy assets
- Leases, easements and other contracts
- Business partnerships with relatives and other outside parties
- Debts and encumbrances
Using experts and other resources, we will reach an up-to-date value for your farm. Our divorce lawyers will use that amount to work toward your preferred solution. Depending on the details of your case, your options could include one spouse buying out the other’s share, the parties selling the farm and dividing the proceeds, dividing the farm in two, and continuing to own and operate the farm jointly post-divorce. You will be in control of the process every step of the way as we represent you in negotiations.
Consult With Our Minnesota Farm Divorce Attorneys
For more information about farm valuation in Olmsted County, please call us today at 866-586-7905 or email us to schedule a free initial consultation with one of our skilled Minnesota farm divorce lawyers.