Updated February 11, 2021
What is Livestock?
Livestock generally refers to animals raised for profit or recreation – as opposed to animals kept as pets. Cattle used for dairy or meat, goats, chickens, and horses are just a few examples of livestock animals.
🤔 Understanding how Livestock affects your divorce.
Livestock acquired during the marriage is usually treated as marital property. Assets acquired by one spouse but which the other spouse uses regularly during the marriage may also constitute marital property. You and your spouse will need to make the identity of each asset clear. You will also need to determine the present value of your assets to help you determine how to divide the overall value of your marital estate between you. If the asset is encumbered by a loan, you will need to identify the loan account number, the name and location of the lender, the loan balance, and the amount of the monthly loan payment.
As you consider how to divide the assets acquired during the marriage, it’s best to take into account the purpose and primary user of each asset.
Jerry and Sally live in the city, but purchased two horses for weekend use. Each horse identifies with one of the two in the marriage so Jerry and Sally agree that they will each retain ownership of “their” horse.