Protecting Assets prior to Divorce.

theonlyone12

My dad married a South American a number of years back. He is a wealthy man and she has been sponging off him for there whole married life and hasn't bothered working. I learnt from her 'so called' friends that she has never actually loved him, but just married him for the lifestyle. Unfortunately my dad really loves her so I have had to turn a blind eye on what I know as he is besotted with her and he would never have belived me, and up until now she has made him happy and given him two other children that he loves (which she treats terribly). However it seems lately that she is tiring of him and is treating him terribly and they are likely to get divorced soon.


As mentioned my dad is a wealthy man and has a number of properties and I do not want to see this woman take lots from him for what he has worked for and what I do not think she deserves, especially the way she has treated him over the years.

My question is, is there a way he can start preparing now to protect himself and his assets? Also I know he wants sole custody of the children as she treats them awfully and he loves them to bits. What can he do to prepare himself for this? With regards to the financial aspect can he transfer property to a trust for my brother and sister or directly to me to keep this away from her? Are there any other tricks to protect him and only give her the minimum?

Thanks

whitewing

If your dad is wealthy, then presumably he has a good brain on his and is used to making his own decisions. In that case, you should leave well alone and let him make his own mistakes.

pinkshoes

Agree with the above; your dad needs to figure this one out on his own, and learn from mistakes!

Tropez

This is one for your dad to sort out.

However, I will say, you should not try and convince him into hiding his assets, whether that be placing them in trusts, or trying to transfer them in any other way. These assets will almost certainly be traced and if a court considers that assets were willfully disposed of in order to minimalise the financial outcome of a divorce there can be serious consequences, including the court ordered freezing of all assets.

Even if the money were in trusts prior to divorce, it still isn't out of the reach of the courts. John Charman, a multi-millionnaire in the insurance industry, set up Dragon Trust (or something similar to that) in Bermuda which was a trust fund that he argued was designed to preserve wealth for future generations. He argued during his divorce that it should not be considered as part of the marital assets; however, the court disagreed.

VfM4meplse

I agree with the other posts - in fact I would go so far as to say that it is you that wants to protect your inheritance rather than look out for your father's best interests.

The law has a long arm when it comes to seizing assets, I also think that the judge will recognise your step-mother to be a gold-digger if that's what she truly is.

G51shopaholic

Sorry to hear this all too familiar story. You need to talk to your dad

1st I'd DNA done to ensure the two kids are his. Then get a good laywer.

I guess from what your saying she has no money of her own, but divorce cost Sir Paul McCartney £24 MILLION!

I'd also ensure he changes his will to make sure she get nothing should anything happen to him in the meantime, otherwise
she gets EVERYTHING!

Plans_all_plans

Who is the children's primary care giver? If it's your stepmum then she's likely to get custody of the kids from what I've read.

Also if she's raising the children and looking after the home then IMO she'll be entitled to some money at least as she cared for the family 'behind the scenes'.

Pee

The best way to protect the assets is before marriage, not after... Given the different nationalities, this will be a complicated legal matter and I suggest he finds a solicitor who can help asap.

xtcc

Look at the wikivorce website. It's all about divorce issues and legal advise

thorsoak

theonlyone12 wrote: »

My dad married a South American a number of years back. He is a wealthy man and she has been sponging off him for there whole married life and hasn't bothered working. I learnt from her 'so called' friends that she has never actually loved him, but just married him for the lifestyle. Unfortunately my dad really loves her so I have had to turn a blind eye on what I know as he is besotted with her and he would never have belived me, and up until now she has made him happy and given him two other children that he loves (which she treats terribly). However it seems lately that she is tiring of him and is treating him terribly and they are likely to get divorced soon.


As mentioned my dad is a wealthy man and has a number of properties and I do not want to see this woman take lots from him for what he has worked for and what I do not think she deserves, especially the way she has treated him over the years.

My question is, is there a way he can start preparing now to protect himself and his assets? Also I know he wants sole custody of the children as she treats them awfully and he loves them to bits. What can he do to prepare himself for this? With regards to the financial aspect can he transfer property to a trust for my brother and sister or directly to me to keep this away from her? Are there any other tricks to protect him and only give her the minimum?

Thanks

It sounds to me as if you are the person preparing for divorce! A wealthy man can easily find a very good lawyer who will give him the best possible advice.

The best possible advice I can give you? Keep your nose out of your father's affairs! If there is a reconciliation between your father and your stepmother, you will alienate yourself from your father who will side with his wife against anything you may say. If the marriage is on the rocks, then just be there for him - without adding fuel to the fire!

theonlyone12

I do not want anything from my dad. I have my own money that I have worked for thanks! But I would prefer he and my brothers and sisters got what he does have then the vulture he is married to.

And I do not interfere in anything. I am helping my father out by doing research on his behalf!

Thanks for the advice, I guess from the responces there is not a lot he can do. I am sure he will talk to solicitor when the time is right for him.