Partnership Farming/land ownership - some questions before entering in
G'Day all, I hope everyone is well.
A very close mate and I have both been looking for properties (approx 200-400 acres) in the Burnett / Darling Downs / East Maranoa regions of QLD.
Both of our goals are to run a small cattle farm to supplement costs, and have a weekend getaway as a bonus.
Since we have similar goals, we have decided to go in together and purchase a slightly larger property than each of us would have solo. This will possibly allow for more cattle eventually, whilst sharing costs of transport/vet etc.
A relative already runs cattle on a nearby property and has given us advise already, and my mate's brother in-law owns a massive cattle property in NQ and has also offered valuable advise.
My one concern is that nothing divides mates like finances. And as such, i want to get all possible outcomes (within reason) on the table before we venture down this road.
Issues like exit strategies in the event that one of us strikes financial hardship. Dividing costs of upkeep - and solutions if one party is unable to contribute at the time.
We will be getting legal advise of course, and an agreement will be written and signed by both, so in the event of a dispute we can refer back to it and try and avoid any conflict.
My question to the forum is -- What sort of situations should we be including in such an agreement?? Can anyone recommend some situation that should be addressed and outlined early on that relate specifically to rural property??
There are of course the obvious few situations. But naturally, we cannot pre-agree upon situations that we could not foresee. And with both of our limited experience, I'm sure there is quite alot the we can't foresee.
Thanks in advance.