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% of equity split for kids

  • puffafish
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03 Feb 08 #12710 by puffafish
Topic started by puffafish
Would it be possible to go for an equity split of say 70/30 or 60/40 with the extra 20 or 10 % being put into some sort of Trust fund for the 3 kids?

  • DownButNotOut
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03 Feb 08 #12715 by DownButNotOut
Reply from DownButNotOut
Its an interesting thought and a concept that i played with during my negotiations.

In fact at one stage I agreed to a 50:50:0 split,

i.e. 50% for her, 50% for my son and 0% for me.

But that was rejected!

But as I understand it...a family court is only really able to split the assets between the two parties to the marriage.

I may be wrong, but i dont think you can write the 20% trust fund element into the Consent Order.

But you could put the 20% into a trust fund first - effectively removing that 20% from the marital asset pot..

Then write the consent order to split the remainder between husband and wife in the right proportions to achieve the same outcome.

  • puffafish
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03 Feb 08 #12716 by puffafish
Reply from puffafish
Sounds like a good plan...
How would I go about doing that?

  • attilladahun
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03 Feb 08 #12734 by attilladahun
Reply from attilladahun
Nightmare scenario DO NOT even think of it
Court would never order it of their own volition
Think you could never borrow against the property as part owned by C's trust!!
even if the interest is kept off the title because solr acting in any remortgage is under a duty to report to mortgagee

I have experiance of a case where we had to try and sort out massive problems caused by this sort of arrangement. The order was approved by a deputy DJ not experianced in family law where both parties had no solicitors.

Sometimes H who likes to "control" tries to demand this type of arrangement!!!

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