If you are deciding whether to file for a divorce in Montana, the financial implications of the divorce process may be a significant factor in your decision. The process of asset division needs to be completed before a divorce can become finalized, and this often involves selling the family home. If a ranch is part of your marital property, asset division can become even more complex.
If you want to know how Montana marital property laws will impact your ranch, it is important that you conduct through research on the law so that you can apply it to your individual situation. By foreseeing the potential challenges in the asset division process, you will be better equipped to handle the hurdles when you get to them.
How marital property is divided in Montana
Montana does not recognize community property law, and, instead, follows the legal theory of equitable distribution. This means that all marital property will be divided in a way that the courts deem to be fair and just to each divorcing spouse. Marital property is considered as property that was acquired during the marriage, and that was not an inheritance or a gift.
Common disputes that arise due to the division of a ranch
It is likely that several family members are involved in the day-to-day operation of the ranch, and each person will bring unique skills to the running of the ranch. This is why it can be complex to evaluate what settlement or stake each divorcing spouse has in the ranch.
In addition to this, the valuation of livestock can be especially challenging, particularly in cases of livestock being rare breeds. Ranches are treated under the law in a similar way to how any other business would be treated. Therefore, an investigation will need to be conducted in order to establish how the ranch is run, how each spouse has contributed to the value of the ranch, and the preferences of each spouse regarding the future of the ranch.
If you want to file for divorce as a ranch owner, you should be prepared for a more complex divorce than average. It is best to take swift action.