If there is one thing that Kentucky is known for, it’s its horses. People come to this state to show their horses, race them and breed them. If that’s what you and your spouse have done, you may have had great success.
Divorcing with this kind of business can be tough, though. Not only do you need to separate your marital assets, you may also need to discuss dividing your business assets. These, in this case, could involve your horses.
When horses are your business, prepare to negotiate during divorce
It can be harder to divorce when working with horses is your business, because you need to make sure that you can afford to care for your animals, have the space for them at a new location and be prepared to split, sell or share your business with others.
If you decide to walk away from your business venture, you’ll need to negotiate a fair amount of compensation with your ex-spouse. If you want to continue working together, you’ll both need to decide if that’s feasible based on your current relationship.
For some people, the simple solution is to get an appraisal on the animals and business before selling it to someone else, but you may not be comfortable with that if you’re emotionally attached to the horses you’ve raised. If this a major financial support for you, giving up the business may not be something you’re interested in, either.
Dividing horses in divorce
During your divorce, you need to determine if your horses are marital or separate property first. If they are separate, you and your spouse will take the horses that belonged to you prior to marriage. Any horses obtained during your marriage will likely be shared property and be subject to property division rules.
You will need to get your horses appraised. Once you know what they’re worth, you can start negotiating for the horses you want to keep or sell.
Finally, you will need to figure out who gets the horse. You’ll need to determine who can maintain and train your horses best moving forward.
If you can’t decide, then a court may decide to order the sale of your horses, so it’s worth negotiating with your spouse to get the best possible outcome for yourselves and your animals.