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| Thread ID: 123803 | 2012-03-17 10:08:00 | Family Trust and Matrimonial Property | Chemical Ali (118) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 1265522 | 2012-03-17 10:08:00 | Hi All Possibly not the right place to ask but it's worrying me so hoping someone might know. When we bought our house we did it through my wife's family trust (to which I don't belong). Since that time my wife and I have serviced the mortgage but we are now seperating and things are getting ugly. I want the trust to either buy me out for what I've contributed or sell the house and my wife and I split the proceeds - do I have a legal claim or have I effectively 'lost' the deposit I put into the place and the money I've paid in servicing the mortgage over the past 4 years? |
Chemical Ali (118) | ||
| 1265523 | 2012-03-17 12:36:00 | If you didnt make any sort of pre-nup agreement, then I believe you are entitled to half as you have been in a relationship for over 3 years. I would be going to see a lawyer if I was you, you might find you are entitled to more than just half the house - keep in mind she will also be entitled to half of what is yours as well. Good luck. | Iantech (16386) | ||
| 1265524 | 2012-03-17 12:46:00 | That would be only if the house is in your name / joint name .......if the trust owns the house, then it brings in different legal problems. | beetle (243) | ||
| 1265525 | 2012-03-17 14:06:00 | That would be only if the house is in your name / joint name .......if the trust owns the house, then it brings in different legal problems.Doing a bit more research, looks like you are right. "The goal of setting up a family trust is to transfer your significant assets from personal ownership to ownership by the trust – in other words, to achieve "personal poverty" while becoming a beneficiary of the trust yourself. By doing this, you may succeed in protecting your assets from threats from various directions, such as claims by business creditors, or claims by ex-spouses or partners under the PROPERTY (RELATIONSHIPS) ACT 1976." And from Property Law, "Having property owned by a trust can remove that ownership from an individual, decreasing their individual wealth. This can be a useful tool in estate planning and in helping to protect assets from ending up in the wrong hands in the event of an unhappy relationship or where there may be other reasons to direct a person's assets into different ownership." As I understand it, if its in a trust, then its not actually hers either, therefore you cant have a share of what she doesnt own. Doesnt look good. Go see your lawyer, you may still be able to claim your contribution or something. |
Iantech (16386) | ||
| 1265526 | 2012-03-17 18:27:00 | Ive been bitten badly by this problem personally and it aint a pretty or easy problem to deal with...........:( | beetle (243) | ||
| 1265527 | 2012-03-17 19:09:00 | www.listener.co.nz | pctek (84) | ||
| 1265528 | 2012-03-17 21:17:00 | If you didnt make any sort of pre-nup agreement, then I believe you are entitled to half as you have been in a relationship for over 3 years. I would not be going to see a lawyer if I was you, you might find the lawyer takes more than just half the house - keep in mind he/she will also be angling for half of what is yours as well. Good luck. FTFY ;) |
R2x1 (4628) | ||
| 1265529 | 2012-03-18 04:15:00 | A few thoughts: Firstly Ali, have you both had counselling? The primary issue is that you have to be certain that your marriage is at an end - the property stuff comes later . Many people have unhappy times but get through it and reconcile . Secondly, if separation really is the only way forward then counselling can help take the heat out of arguments . Often couples reach agreement on property and children through the positive help of counselling . FYI lawyers are legally and ethically required to encourage reconciliation . As for your questions, I'm wondering if the Trust was established by your wife or her parents . If it is her parents (often the case) then your claim is more difficult because you and your wife are essentially tenants in the Trust's property . You don't own anything . However lets assume the Trust is controlled by your wife in which case you can make a claim although you need to understand it isn't straight forward . This isn't matrimonial property . Section 182 of the Family Proceedings Act 1980 is the usual foundation for such a claim - see PCTEK's link above . You need to see a lawyer . |
Winston001 (3612) | ||
| 1265530 | 2012-03-18 06:14:00 | Marriage is like a deck of cards - it starts with two hearts and a diamond and ends with a club and a spade ... :) Get a T-shirt that says: "If I had killed you when I first wanted too I'd be out by now" and wear it to all counselling sessions / lawyers meetings. |
fred_fish (15241) | ||
| 1265531 | 2012-03-18 06:18:00 | Marriage is like a deck of cards - it starts with two hearts and a diamond and ends with a club and a spade ... :) Get a T-shirt that says: "If I had killed you when I first wanted too I'd be out by now" and wear it to all counselling sessions / lawyers meetings.Unfortunitly killing her doesn't solve the problem of the family trust, but good idea. |
plod (107) | ||
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