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Pre-nuptial Agreements and Family Farms

View profile for Priti Vadgama
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At the start of any relationship or even if you are thinking of getting married you may not be thinking about getting a pre-nuptial agreement.

However more and more people are finding out how their relationships can be strengthened by them discussing finances clearly with one another, especially if you are contemplating a commitment like marriage.

What is a pre-nuptial agreement?

A pre-nuptial agreement is an agreement which sets out your intentions about what should happen if your marriage breaks down. If these agreements are properly drawn up then they will stand the best chance of being upheld by the court. Around 42% of marriages end in divorce so they are, statistically at least, a good idea.

Why do farmers need a pre-nuptial agreement?

If you’re a farmer, or marrying into a farming family, then you will know first hand about the complexities of owning or running a farm. A family farm is not usually just a place to work, but it is where a families’ livelihood, business and home life all take place. Family farms have often been looked after carefully by different generations; always with the next generation in mind.  There may be numerous businesses operating from the farm; partnerships, sole traders or even limited companies. There may be other family members living on site. There may be some complicated tax and inheritance issues involved.  There is the added pressure of Brexit, and all the uncertainties it may bring.

All of these things can and should be clarified and addressed in a prenuptial agreement if you are a farm owner, or marrying into a farming family. A prenuptial agreement can bring both parties peace of mind.

If you fall into this category, as a farmer or a partner of a farmer, we can help you here at Brethertons. First, we will speak to you, of course, and then head out to your farm for a site visit. This gives us the opportunity to meet you and have a look at your farm, your land, your circumstances, and advise you as to how best to protect you going forward.

We have offices in Rugby, Banbury and Bicester and are well situated to assist you in areas ranging from North Warwickshire down to Buckinghamshire, and the Cotswolds and Gloucestershire across to Northamptonshire.

If you need assistance, please contact our Family team.