CAN THEIR BE SOLVED?
M
y wife and I have been married for 33 years. Our
farm has grown through hard work, good fortune,
inheritances, and borrowed money. Our three
children are all through college and out of the house,
although one is back farming with us. I know that
every marriage, including ours, has its ups and downs. Last
week, my wife informed me our marriage is over. That really
hurts, but now I am concerned this could also destroy our farm
and our son’s farming future. She did comment that she did
not want to hurt the kids with our divorce. What should we
think about as we go through this process?
THE SOLUTION:
T
his is an extremely difficult question to answer or even know
where to start. Your farm did not grow to the size it is over-
night and, likely, your marriage did not fall apart overnight. In
the past, it seemed divorces were more common with younger
couples when someone saw something that looked better on the
“other side of the fence.” Now, divorces seem to occur regularly
at all ages.
Illustration: Matt Wood
are losing a marriage. For
some, the farm becomes so
important that the marriage
is second.
Getting back to the pend-
ing divorce, following are
seven effects on the farm to
watch out for.
1
If the divorce requires a
large buyout, that could be
like a death occurring. It’s
hard to buy the same assets
every generation, but a
divorce buyout may be like
buying the same land twice
in one generation!
2
In spite of your differ-
ences, do you and your
soon-to-be-ex spouse still
agree on passing the assets
to your children? If yes,
then a buyout may not be
necessary, and tools such as
trusts and life estates can still
be implemented without
destroying the farm.
3
Determining income for
two people can be tricky.
You probably have what
you have because you lived
frugally and reinvested in the
farm. Determining an agree-
able income for both people
can be a challenge, because
it may not correlate to the
large farm asset value. Two
separate incomes may feel
THE PROBLEM:
HOW TO PRESERVE FARMS THROUGH DIVORCES.
p r o b l e m
Divorces happen, and
seldom does it only affect
the two people involved.
When speaking, I have often
said the four D’s could all
be problematic for farm
families: death, debt, divorce,
and disability. Right now, it
probably seems odd to focus
on preserving the farm as you
YOUR TRANSITION TEAM MEMBERS
Myron Friesen is co-owner of Farm Financial
Strategies in Osage, Iowa. During the past 19 years, he
has worked exclusively with farm families across the
Midwest to develop farm transition strategies. Friesen
grew up on a Mountain Lake, Minnesota, farm. He owns
and operates a 910-acre crop and livestock farm with
his wife and four children. farmestate.com
Jolene Brown is a professional speaker, author, farmer, and family
business consultant. Her tested business tools provide leadership and
management solutions for the people who feed, clothe, and fuel the world.
jolenebrown.com
Mark McLaughlin is an associate with Farm Financial Strategies in
Ankeny, Iowa. For 14 years, he’s helped farm families develop farm
succession strategies. farmestate.com
68 Successful Farming at Agriculture.com | August 2019
By Myron Friesen
