Property into trust to a minor

chelski1000

Firstly, would anyone know whether it is possible to put a house in trust to a young child?

Secondly, would this property then be discounted in any divorce settlement?

Thanks

Annisele

Yes, in theory you can put a property into trust for a minor.

But if you're doing it to try to hide assets - from a spouse, a creditor, whoever - you risk the transaction being unwound.

Dunroamin

This could also apply if claiming means tested benefits was involved.

chelski1000

Ok, so basically would I be right in saying that there is no way I can transfer property away from my name in any shape or form in order to avoid my spouse getting hold of the proceeds in a divorce?

Therefore would I be right in thinking going to see a specialist in this subject paying £200 would be a waste of time and money as whatever I do will be reversed by a court?

Thanks

Thegirl

I believe it would be classed as deprivation of assets however it is wrapped up. Unless your spouse agreed to you signing it over to a trust.

Treevo

chelski1000 wrote: »

Ok, so basically would I be right in saying that there is no way I can transfer property away from my name in any shape or form in order to avoid my spouse getting hold of the proceeds in a divorce?

Therefore would I be right in thinking going to see a specialist in this subject paying £200 would be a waste of time and money as whatever I do will be reversed by a court?

Thanks

There's no way you could do that. It's fraud. You got married and now you want to get divorced which involves the splitting of all marital assets.

antrobus

chelski1000 wrote: »

Ok, so basically would I be right in saying that there is no way I can transfer property away from my name in any shape or form in order to avoid my spouse getting hold of the proceeds in a divorce?

Therefore would I be right in thinking going to see a specialist in this subject paying £200 would be a waste of time and money as whatever I do will be reversed by a court?

Thanks

If you're contemplating divorce, then you might want to speak to a solicitor anyway, but this is the kind of thing they will tell you;

there is a common misconception that merely transferring assets or money to a third party or even transferring assets abroad in contemplation of divorce proceedings will serve to protect those assets from a claim. In reality, there is legislation available to the Court to reverse such transfers in certain circumstances, or to award the other spouse a greater share of the remaining assets to compensate them for the fact that a marital asset that should have been taken into account has wrongfully been transferred elsewhere.

http://www.jcpsolicitors.co.uk/blog/hiding-your-assets-divorce-proceedings-%E2%80%93-why-not-do-it

chelski1000

So the answer is to sell the assets and hide the cash.

Courts cant make you give want you have not got!!

Treevo

chelski1000 wrote: »

So the answer is to sell the assets and hide the cash.

Courts cant make you give want you have not got!!

And then go to prison. And give up every penny you earn in the future.

chelski1000

Hide a little, spend a little, gift some away to children each year, gamble some, spend a little, hide a little, spend some, hide a bit.

Five years later at settlement time ops!! Not a lot left.

Don't think this would warrant a prison term, otherwise most of the population would be inside!!!

Where there is a will there is a way!!

eleanora_

Well, don't you sound like a fine upstanding character? What a charmer.