• And you thought it was safe!

    Posted on September 12, 2013 at 11:59 am under Uncategorized category.

    Many people have family trusts and believe that there is protection for those? assets in the event of a?family law dispute

    A recent decision of the Full Court has opened the door where the assets in a trust can be distributed between all of the beneficiaries

    In the case at hand the trial judge brought forward what is known as “the vesting date “(which is usually many many years away) and?then distributed the monies between the adult beneficiaries.

    This then allowed the Court to distribute the husband’s entitlement? between a husband and wife? in their family law proceedings

    Most people are of the opinion that assets in??a trust are protected from such orders however this is clearly not the case

    Of note in this case was that the Commonwealth Attorney- General turned up to make submissions about the interpretation of the Family Law Act. I wonder how the parties felt when that happened !

    And you thought?it was?safe !

    Speak with you later