Posted July 19th, 2011
A recent ruling in a divorce case has raised the bar in relation to discretionary trusts in divorce. In Whaley v Whaley the court ruled that an offshore discretionary trust set up by Mr Whaley’s father should count towards the marital assets even though Mr Whaley was not a beneficiary.
The issue the court ruled on was that Mr Whaley although not a beneficiary would probably receive capital from the trust in lieu of the “lost” divorce settlement. Therefore, the court ruled the discretionary trust to be an asset of the marriage.
If your divorce involves trusts or trust planning it is important to get the right advice and guidance.
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