trust set up?

[matt68]

Hi Guys,

First post, got to start somewhere.

I have the opportunity to do a JV with a mate, only problem is both our partners don't like the other which makes for an uncomfortable situation.

Can we put together a discretionary trust between us so no other party knows of the situation and would this stay off the record if there were a split in any of the marriages.
Regards
Matt

 

[pinkboy]

Hi Guys,

First post, got to start somewhere.

I have the opportunity to do a JV with a mate, only problem is both our partners don't like the other which makes for an uncomfortable situation.

Can we put together a discretionary trust between us so no other party knows of the situation and would this stay off the record if there were a split in any of the marriages.
Regards
Matt

Keeping secrets from the wife and investing JV with a mate?

You like to keep life interesting don't you?

pinkboy

 

[matt68]

Always living on the edge pinkboy

 

[Terry_w]

Hi Guys,

First post, got to start somewhere.

I have the opportunity to do a JV with a mate, only problem is both our partners don't like the other which makes for an uncomfortable situation.

Can we put together a discretionary trust between us so no other party knows of the situation and would this stay off the record if there were a split in any of the marriages.
Regards
Matt

No you can't - or you can set up a DT but it would be a bad idea and that is because a discretionary trust is discretionary with no fixed entitlements. Whoever controls the trustee position controls the income and capital of the trust.

Assets owned by a trustee of a trust can also be attacked in family law proceedings, broadly 2 ways
1. Orders against the trustee in a property settlement and
2. as a financial resource of a party to the marriage.

 

[matt68]

Thanks Terry,

So no way of the jv partnership then to keep it out of the courts.

 

[Terry_w]

Thanks Terry,

So no way of the jv partnership then to keep it out of the courts.

Binding financial agreements of each party with their respective spouses maybe.

 

[matt68]

Thank you once again Terry

 

[hobo]

No.

And - reconsider the JV. For the most part, they suck.

(IMHO)

 

[matt68]

Thanks Hobo