Protecting Your Assets Against Your Children’s Divorce.
The purpose of this article is to show how you can use Trusts, either within your Will or set up in your lifetime, to protect assets that you wish to leave to your children but which you would not want to be the subject of a divorce settlement.
Recent figures from the Office for National Statistics show that the divorce rate rose by 5.8% in 2016, with 8.9 divorces for every 1,000 same-sex couples. The increase is mostly due to more people of an older age getting divorced. The average age is now 46.1 for men and 43.7 for women, having increased every year since 1985.
Here at Onions & Davies Solicitors, we have an experienced and approachable family law team that can advise on all issues surrounding divorce, the division of assets and arrangements for children. If this is relevant to you or your children please contact David Lago on 01630 411223 or email.
Is your child going through a relationship break-down at the moment or considering divorce? Do you fear that this could be the case in the future? Putting assets that you would otherwise leave to that child in a Trust would protect them and would provide opportunities to benefit them (or perhaps their children) in other ways. When all danger has passed, the assets can be released and the Trust can be wound up.
There are many forms of Trust. They can be used for a multitude of purposes, including;
- Saving tax
- Protecting assets from payment of care fees
- Keeping control of assets while removing value from your estate
- Providing the flexibility of a range of beneficiaries, who you can choose between at a later date
- Protecting assets for disabled beneficiaries, whilst not making them lose state benefits
- Controlling how assets are used for wayward beneficiaries
- Protecting assets from situations such as divorce and bankruptcy
Chris Milne, a full member of the Society of Trust and Estate Practitioners, specialises in this area. If you would like further advice on how Trusts may help your own situation or that of your family members, then please contact him on 01630 411221 or email.