My son has been our partner for eight years. He finally is serious about a nice girl, but she isn’t familiar with production agriculture. Should we talk to him about asking for prenuptial arrangements? Or should we restructure our business to protect us if it doesn’t work out?

Profit Planners panelists include David Erickson, farmer, Altona, Ill.; Mark Evans, Purdue Extension educator, Putnam County, Ind.; Jim Luzar, retired Purdue Extension educator and landowner, Greencastle, Ind.; and Steve Myers, farm manager with Busey Ag Resources, LeRoy, Ill.

Erickson: A prenuptial agreement is something for your son and his bride to consider and would not go well coming from Dad and Mom. Structure your business in a way that protects it and your assets while allowing flexibility for your son to become a bigger part of ownership and management in the future. Consider using family meetings, including your daughter-in-law, to discuss goals and future opportunities for your business. Never assume she is not interested. Nurture a relationship that is open and helps answer questions.

Evans: It only takes a couple of words out of context or that should not be said to leave a lasting scar. A prenuptial agreement is planning to fail at a marriage, and a marriage should be considered permanent. Regardless of your son’s future with his current serious girl, clear business agreements are important. What if your son finds other employment opportunities? Do you have an exit plan? God forbid, what happens if your spouse or you die?

I support focusing on business agreement arrangements. Spell out details of each of your wishes in writing, hopefully in full agreement among all parties. Encourage her to be involved. Full disclosure: This is from a fellow married to the same woman for 33 years.

Luzar: Don’t make this an issue specifically regarding this person. Involve your son in setting up a meeting with your business attorney. How would the business be impacted by black swan events like divorce or death of partner. Keep the process focused on business planning and not your son’s current relationship. Then you can discuss respective concerns.

Deflate as much emotion as you can. Allow your son to share his feelings. Be positive. His life partner can bring many advantages without a farm background. Discuss matters with your “pass the salt” demeanor that navigates away from emotional, stressful conversation.

Two things to remember: First, your son has farmed with you for eight years and is your partner. He doesn’t have to sell you on his spouse. Your involvement is how you would be impacted as a business partner. Second, you’re involved in a business. You have every right to understand how divorce would impact business assets.

Myers: If your partner was not your son, what you would require in this same situation? What happens if you ask for concessions or adjustments, and the partner says no? What would occur, today, if it were to end? What provisions are there if someone wants out? The family side is of the greatest complexity and consequence. Do not ignore that part, first and foremost. After addressing that question, it will provide direction for business considerations.