Property into trust to a minor

Tropez

Treevo

chelski1000 wrote: »

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!!

A fine plan. As long as your ex doesn't have access to your financial information and a memory. Then you'll find yourself in prison when you fail to pay the equivalent amount of what you've fraudulently and sloppily tried to hide. Which will probably leave you with nothing and no hope of gaining decent future employment.

chelski1000

eleanora_ wrote: »

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

What is so wrong in placing assets in the name of my children thus me losing all my wealth overnight with no possibility of getting it back??

The alternative is to roll over and let my wife strip me of all my money and leave the children nothing!!!

sammyjammy

From the sound of you she deserves every penny she can squeeze out of you!

gizmo111

Treevo wrote: »

A fine plan. As long as your ex doesn't have access to your financial information and a memory. Then you'll find yourself in prison when you fail to pay the equivalent amount of what you've fraudulently and sloppily tried to hide. Which will probably leave you with nothing and no hope of gaining decent future employment.

He can spend what he likes at this point.
Only when he is asked for disclosure at court does he then have to make full disclosure if assets - if hes spent it then its gone, all a court can do at this point is share what is left.
On what grounds do you think he would go to prison for spending his own assets?

thorsoak

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 all you are paying a "specialist" is £200, I wouldn't give much credance to his/her expertise!

And loopholes have a nasty habit of tripping up the creator of said loophole!

FBaby

Are you saying that you're married, but are at war with your wife. You want to divorce her, but for her not to get a penny of the money you seem to think is yours and yours only, so you are going to stay with her for another 5 years (will you both survive it) until you have spent all that money, just so that she doesn't get hold of it when you are finally divorced?

Can I ask what she did to you?

neverdespairgirl

chelski1000 wrote: »

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

Yes.

chelski1000 wrote: »

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

Thanks

No, unless the other spouse agreed that it should be disregarded.

Treevo

gizmo111 wrote: »

He can spend what he likes at this point.
Only when he is asked for disclosure at court does he then have to make full disclosure if assets - if hes spent it then its gone, all a court can do at this point is share what is left.
On what grounds do you think he would go to prison for spending his own assets?

They're not just his assets - they are marital assets. And (as you've ignored it) he said he would hide assets. Which would be grounds for him to have a visit to a nice prison.

gizmo111

Treevo wrote: »

They're not just his assets - they are marital assets. And (as you've ignored it) he said he would hide assets. Which would be grounds for him to have a visit to a nice prison.

I'm not talking about hiding assets - I'm talking about spending money in his name or in joint names that he has legal access to.
By the time the court gets to divvying them up, if they are gone they are gone.
So if he did that on what grounds to you think he would go to prison?
If he hides assets when it comes to disclosure then that is a different thing