A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


Assets in trust

  • furiousfingerz
  • furiousfingerz's Avatar Posted by
  • Junior Member
  • Junior Member
More
03 May 12 #328150 by furiousfingerz
Topic started by furiousfingerz
I''d like opinions on the following (apologies if this is posted in the wrong place)

A trust exists with the sole beneficiary being the child of spouse A. The trustees are immediate family of spouse A. The rental income from property owned by the trust is paid wholly and directly from the tenants account into spouse A''s account (not that of the trust). Since the trust excercise no regulation or control over spouse A''s access to income generated by the trust, can it be argued that spouse A has an interest in and derives benfit from the trust and that therefore both the income and trust assets should be included in spouse A''s financial disclosure?

  • TBagpuss
  • TBagpuss's Avatar
  • Platinum Member
  • Platinum Member
More
08 May 12 #329123 by TBagpuss
Reply from TBagpuss
A can be asked to disclose the trust deed. It is not uncommon for a trust to allow the parent on a (dependent) child to draw money for the benefit of the child, and this might include usung that money trowards the cost of feeding, housing & clothing that child.

The income is likely to be relevent.
It is unlikely that A would be entitled to use the asset(s) themselves so it is unlikely that their value could, or should, be included in the settlement. If this is in doubt, A can be asked to provide a copy of the Trust Deed

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11