The Property (Relationships) Act 1976 (the PRA) has primary jurisdiction over relationship property. However, when there is a trust (or trusts) in the mix, the final division of property can be complicated – and often neither side (nor the settlors or trustees who may be caught in the cross-fire) will consider the end result just … Continue reading
The Court of Appeal has upheld the High Court decision in Thakurdas v Wadsworth that executors can bring proceedings under s 182 of the Family Proceedings Act. As noted at [16]: “We add that it is now settled law that s 182 serves an important purpose in relationship property litigation, allowing courts to address property … Continue reading
Pertinent facts: On first blush Biggs v Biggs has the appearance of a David and Goliath style contest. Nation J refers at [10] to the 2300 pages of documents that have had to be considered and at [11] notes that when claims are pursued “in a particular way, there can be scant recognition of the … Continue reading
Following the Supreme Court decision in Clayton v Clayton (Claymark Trust) fresh light has been shed upon the scope of s 182 of the Family Proceedings Act 1980 in the case of Da Silva v Da Silva. By way of background s 182 gives the Court the discretion following divorce (the section does not apply to de facto relationships) … Continue reading
The Property (Relationships) Act 1976 (the Act) is now under review as part of a significant project that will involve consultation with the public and key stakeholders. The outcome of the review is to be reported back the Minister of Justice in November 2018. See Law Commission to review Property (Relationships) Act 1976. Not surprisingly … Continue reading
The long-awaited decision (issued in fact as two separate decisions) in Clayton v Clayton were released today (23 March 2016). The first decision relates to the Vaughan Road Property Trust (VRPT) and the second to the Claymark Trust. Background Mr and Mrs Clayton commenced a de facto relationship in 1986 and married in 1989. They … Continue reading
The long awaited Court of Appeal decision on the subject of illusory trusts should make unsettling reading for many a settlor, and perhaps their advisers too. The decision, which runs to 96 pages is substantial. The message is mixed. While the trust in question was found to be valid (illusion it turns out, is just … Continue reading
Claims against trusts are on the increase the reasons for which are various and relate, in part to the number of trusts in existence in New Zealand and in part to a growing appreciation and awareness as to what options a disgruntled beneficiary, settlor, trustee or creditor might have. One area that has produced much … Continue reading
Trusts, like relationships, are often settled when the future seems rosy and the possibilities are endless. When the relationship dream comes to an end, all too often so does the dreams the settlors had regarding the trust and the trust property. The difficulty where parties cannot make their own decisions, as painful as they may … Continue reading
Trusts are the best long-term intergenerational form of asset protection. However, as litigation involving trusts increases, questions are reasonably asked regarding the “safety” of trusts. If you are looing for answers or guidance Vicki Ammundsen is presenting a webinar on February 19th discussing the fundamentals of trusts. Topics covered by the webinar include: Requirements of a valid trust Differentiation between … Continue reading
