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My husband and I have 3 trusts, 1 in his fathers name, 1 in…

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My husband and I have...
My husband and I have 3 trusts, 1 in his father's name, 1 in my husband's name and 1 in my name. His father and one of my best friends are the executor's of these trusts and my husband is not put down as a beneficiary in any of them. However, I and and my children are beneficiaries. We are shareholders of a large forest and a vineyard. My questions are; If my husband and I get divorced, will I get 50% of these assets or will these assets be divided 3 ways between myself and my children? If so, all these assets were accumulated before the children were born and even though they will receive these assets when I and my husband die, where do I stand in this situation? Do you think my husband does not put his name down as a beneficiary because he has more power directing the executors?
Submitted: 8 years ago.Category: New Zealand Law
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Answered in 14 minutes by:
6/22/2010
Solicitor: Chris The Lawyer, Lawyer replied 8 years ago
Chris The Lawyer
Category: New Zealand Law
Satisfied Customers: 23,858
Experience: 38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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The issue is not as straight forward as a 50/50 split. The trust may well have something about a property split on separation. If not then the parties would either renegotiate the trusts or have to go to the Family Court to sort out the interests of the parties, which of course includes the children. The fact that your husband is not a beneficiary is as you identify, for reasons of control. Ultimately though he has to consider the purpose of the trust and act in the best interests of the beneficiaries. the court approaches the division with trusts to provide compensation for, since the marriage began, either or both spouses have disposed of relationship property to a trust; and
that the disposition has the effect of defeating the claim or rights of 1 of the spouses. So the analysis of the interest is generally complex and costly. In the end you would get something which reflected your contribution to the marriage.

Edited by Chris LaHatte on 6/22/2010 at 7:18 AM EST
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