Protecting Your Illinois Farm Assets
Unlike the urban center of Chicago and its surrounding suburban landscape, much of Central Illinois is home to large farm fields, farmers and their families. At Butler Giraudo & Meister, P.C., we help couples involved in the farming industry reach amicable divorce settlements and resolve their family law matters effectively. We are aggressive advocates who protect our clients’ rights and achieve positive results to position them for success during the next stage of their lives.
Contact our Peoria farming divorce law office online today to schedule an initial consultation. You may also call our firm at 309-263-1204 (Morton), 309-407-3332 (Peoria), or toll free at 888-314-9667, to speak with an experienced family law attorney.
Division Of Farming Assets During Divorce
In Illinois, marital property typically consists of all assets and debts that were accumulated during a marriage. Complications can arise, however, when couples commingle their marital property with property they owned individually before marriage, or with property they obtained through inheritance or via gift. The same legal principles apply to farming couples going through the divorce process. It is vital to have an experienced divorce attorney to ensure that farm assets are equitably divided between spouses and that family farm interests are protected to the extent allowable.
Our family law lawyers are experienced in handling the complex property disputes which can arise during divorce. These farming interests must be valued and distributed:
- Crops (both growing and stored)
- Farm equipment and machinery
- Farmland and tenancy issues
At our law office, we consult with business valuation experts, accountants and real estate appraisers to arrive at fair and supported valuations which serve as a basis for the overall property distribution between the spouses.
In addition to helping couples divide farm property, we also address all other marital property distribution matters such as the division of retirement assets, investment property and business interests, as well as the allocation of responsibility for payment of marital debt.