Bank accounts prior to divorce

[Crusader]

I've been shafted, so I'm looking to protect what I can, please.

Where would be a good country and bank to keep away from prying eyes as a UK resident?
The money would be coming from China (from a manufacturing partner) would this cause any issues? I have a trusted partner over there that I've known for 20 years.
I was looking at Armenia, any better options than that?

Thanks

 

[Sols]

Seems like it's divorce season. There was another thread about this just earlier today Wife wants my $$

The short of it is there's nothing legally you can do now. Take it as an expensive lesson to plan ahead next time.

If you try to hide money or do something else illegal, you risk making things far worse than just proceeding with a normal divorce. Note try to hide. Even just attempting can be a crime.

If you move money to Armenia or China or Uzbekistan or Somalia (or crypto) today, it won't absolve you of your legal obligations if your wife files for divorce tomorrow. A judge can decide you are liable to pay 50% of the hidden money and leave it up to you whether you want to be a good boy and just move the money back into UK, or if you want to have wages garnished and/or risk prison time.

It's really unfortunate when someone puts money away in a way they can't immediately retrieve but are still deemed liable to pay. Then you're stuck with a massive bill and no way to pay.

 

[baxiboy]

I'm not sure if it's too late but I do know trusts are used for this purposes (among many others),

Any assets put into a trust are not "yours". Yes you have full control of the assets but they belong to the trust.

A friend of mine is planning to get married soon and he's put most his assets (mostly properties) into a trust. I believe he is both the grantor and beneficiary of the trust which means should a divorce go down she won't be able to take a penny of anything inside the trust.

Have a look though mate. You may still be able to get your stuff inside a trust but don't quote me on it.

 

[Sols]

I'm not sure if it's too late but I do know trusts are used for this purposes (among many others),

In this case, it sounds like it's too late.

The problem here is fraudulent conveyance. If you set up a trust in a hurry to try to hide or protect assets, most jurisdictions will consider the transfer fraudulent. A period of time must pass (minimum 1 year in some places, usually 2–4 years) between the trust being created (in good faith) and a hostile event, such as a divorce, taking place. Otherwise, the trust can be considered partly or wholly invalid.

So either patch things up and keep them good for at least a few years, do something illegal, or simply go through the divorce.

Any assets put into a trust are not "yours". Yes you have full control of the assets but they belong to the trust.

If you have full control, the assets placed in the trust may be considered your personal assets. There are ways to exercise some control without breaking the trust.

A friend of mine is planning to get married soon and he's put most his assets (mostly properties) into a trust. I believe he is both the grantor and beneficiary of the trust which means should a divorce go down she won't be able to take a penny of anything inside the trust.

Your friend is doing it the right way (assuming he got advice from a good lawyer about it). Make the arrangements in advance, in good faith.

 

[sergeylim88]

why a trust for assets that you acquired before marriage?
why just don't make prenup contract?

 

[baxiboy]

Yeah I'm not sure about the time period rules for transferring assets into trust. Though another friend is facing bankruptcy and is trying to offload a property out of his name beforehand. He's not done it so I can't talk on the success here. If it was me facing divorce I'd be looking into this with urgency as it wouldn't surprise me if there's a way.

Regarding full control within a trust, it's not considered personal assets. Remember it all works on ownership. You can only be taxed or give away (wholly or partially) that which YOU own.

You don't own a trust. You hold a position in it (e.g. grantor, trustee or beneficiary). So you can control the trust like it was your own but the assets are the trusts.

It's the same as when you buy an asset - e.g. house - within a limited company. You could own the company, be it's sole shareholder and only director. But if YOU get sued then that house is not yours so it's not under threat of repossession or crap like that. It's the exact same with a trust.

why a trust for assets that you acquired before marriage?
why just don't make prenup contract?

It's so much easier and bulletproof.

It's all about ownership. The second YOU don't own a asset then it's not yours and can't be split in divorce.

A pre-nup is simply an agreement which says "hey bitch, you can't have what's mine if you leave". Where a trust says "sorry darling, I don't own it, so can't split it even if I wanted"

 

[Sols]

Regarding full control within a trust, it's not considered personal assets. Remember it all works on ownership. You can only be taxed or give away (wholly or partially) that which YOU own.

You don't own a trust. You hold a position in it (e.g. grantor, trustee or beneficiary). So you can control the trust like it was your own but the assets are the trusts.

It's true you don't own a trust, because they aren't entities that can be owned. The day to day control over assets placed in a trust are usually the trustee, which most jurisdictions expect is a third-party person (often a regulated fiduciary). Settlors who want to be involved in the day to day can in some cases opt for a protector role.

All I'm saying is I've multiple seen cases in multiple jurisdiction where someone has had too much control over a trust (or similar arrangements) and a judge has decided the assets are therefore effectively the settlor's personal assets. I've also seen successfully defended trusts, where the separation has been sufficient and in good faith.

But the problem with comparing asset protection is that each case is unique, and the smallest detail can make a difference, not to mention the big impact the different applicable laws have.

It's the same as when you buy an asset - e.g. house - within a limited company. You could own the company, be it's sole shareholder and only director. But if YOU get sued then that house is not yours so it's not under threat of repossession or crap like that. It's the exact same with a trust.

And piercing the corporate veil is something courts do frequently, when the law permits.

It's so much easier and bulletproof.

Famous last words.

 

[troubled soul]

I've been shafted, so I'm looking to protect what I can, please.

Where would be a good country and bank to keep away from prying eyes as a UK resident?
The money would be coming from China (from a manufacturing partner) would this cause any issues? I have a trusted partner over there that I've known for 20 years.
I was looking at Armenia, any better options than that?

Thanks

Crypto
Paper wallet is live having a "Swiss Numbered bank account " in your pocket..
In 2022 everything is well connect ...Better to Find solution in Crypto...There are many solution in Crypto Area...for You divorce case...just be creative

 

[melzvy]

ask your partner to pay you in precious metals and/or gems

 

[Rzeznik]

Paper wallet is live having a "Swiss Numbered bank account " in your pocket..

yup buy crypto and then go buy for for that buy NFT as "own Bored" ape - gg

 

[JackAlabama]

why a trust for assets that you acquired before marriage?
why just don't make prenup contract?

these contracts are not being honored in many cases. It is a gamble.