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Have a booming breeding business? What happens in divorce?

| Mar 3, 2020 | High-Asset Divorce

When you think about your pets, you probably think of them as part of your family. They’re like your kids, in a way, and you want to do what’s best for them if you and your spouse decide to get a divorce.

In Kentucky, horse breeding is a business of its own. If you and your spouse have this kind of business, you need to be extremely cautious about how you divide your assets and how you treat the animals that you may consider family. After all, they aren’t just family, as they also provide you with an income.

What happens when a pet brings in an income?

In complex divorces involving businesses, there are many things to consider. For one, you will need to think about who will be able to afford to provide the appropriate care and upkeep for a breeding farm, for example. You will need to consider who set up the business initially and whether you want to remain partners, sell or buy out your spouse. On top of all that, you need to think about your horses and their best interests, because they are more than just breeding mares or stallions to you.

In complicated cases like this, it’s smart to talk to your family law attorney about dividing your assets, your business and your pets in a way that makes sense but that is fair to you, your spouse and your animals. This complex situation is not one to take lightly, especially since it could impact your finances significantly. Your attorney can share with you how past couples have worked out situations like this and what you need to consider prior to dividing your assets and business.