Many family farms in this part of the country go back generations. If you have part ownership of your family’s farm or will be inheriting all or part of it eventually, addressing it in a prenuptial agreement before you get married can protect it and keep it in the family should your marriage one day ends in divorce.
Certainly, no one wants to think about that possibility before even saying their wedding vows. It can help to think of a prenup as an insurance policy that you need to protect your financial interests if the worst happens.
Remember that you want to address not just the land that the farm sits on but the structures, equipment, animals, and any other assets that are part of the farm. How you deal with it in your prenup is up to you (in negotiation with your future spouse). You may want to stipulate that they get no interest in the farm or only a specified percentage.
A prenup needs to be fair to both parties
If a prenup significantly favors one party, it can be determined to be “unconscionable” and ruled invalid. If the farm is going to be your primary asset, you may need to be prepared to give your spouse something of equivalent value instead.
That’s why both parties to a prenup need their own legal representation to protect their interests. It’s also important that neither you nor anyone in your family puts pressure on your future spouse to sign a prenup or agree to any specific terms. Those prenups are typically ruled invalid in a divorce if a spouse can show that they signed under duress.
If you aren’t able to sufficiently protect your family farm in a prenup, there are other ways to do it using various types of estate planning tools. Nonetheless, a prenup is always wise for any couple entering marriage where either or both of them have considerable assets, including a farm or other business. The earlier you seek experienced legal guidance, the better chance you’ll have of putting a prenup in place that protects your interests and will hold up in court if it has to be used.