Divorce can be a difficult and stressful process, and it can be even more complicated when there are trusts involved. Trusts are legal arrangements that allow a third party, known as a trustee, to hold and manage assets on behalf of a beneficiary. When it comes to divorce, trusts can be a valuable tool for protecting assets and ensuring that they are distributed according to your wishes.
If you have a trust and are getting divorced in Singapore, it’s important to work with an experienced family lawyer who can help you navigate the legal complexities and ensure that your rights and interests are protected.
One of the main benefits of having a trust is that it can generally provide protection for assets given to beneficiaries who are properly identified. Assets held in a trust are separate from your personal assets and are managed by a trustee. This means that if you get divorced, assets held in the trust may be protected from division as marital property.
However, it’s important to note that the court has the power to review and potentially set aside trusts that were created with the intent to avoid or hide assets from the divorce process. In addition, the court may consider the income generated by the trust when making decisions about spousal and child support.
If you are going through a divorce and have a trust, it’s important to disclose all of your assets, including those held in the trust, to the court and your spouse. Failure to do so can result in serious legal consequences, including fines and even imprisonment.
As an experienced divorce lawyer in Singapore, I have extensive experience working with clients who have trusts and are going through divorce. I can provide you with the guidance and support you need to navigate the legal complexities and ensure that your interests are protected.
Whether you are considering creating a trust or are going through a divorce and have a trust, it’s important to work with an experienced family lawyer who can help you make informed decisions and achieve a resolution that is fair and equitable for all parties involved.
Contact me today to schedule a consultation and learn more about how I can help you with trusts and divorce in Singapore.
