Legal Question in Family Law in New York
distribution of trusts
My husband and I have all of our assets in a trust. How is this distributed between the parties in the event of a divorce?
Asked on 9/04/06, 5:26 pm
2 Answers from Attorneys
Phroska L. McAlister
PHROSKA LEAKE McALISTER
Re: distribution of trusts
Distribution per a Divorce Settlement and Divorce, from a TRUST, would depend upon the terms of the TRUST.
To the extent the Divorce Settlement or Judgment is inconsistent with the terms of Trust, it is likely the Trust would control.
Good luck,
Answered on 9/05/06, 12:28 pm
Seth Kaufman
Kaufman PLLC
Re: distribution of trusts
Marital property would be divided in accordance with the equitable distribution law. The initial determination of what consitutes marital property subject to distribution would depend on the terms and validity of the trust. You should consult an attorney to review the agreement.
Answered on 9/06/06, 9:58 pm
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