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archives

s. 182

This category contains 10 posts

What makes a settlement nuptial?

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

Relationship property review

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 Supreme Court Writes Back

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

Dis-illusion

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

Get the court right

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

Setting a trust up to fail

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

Trust Fundamentals Webinar

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

Going beneath the skin of the legal form

Marriage break ups are messy.  You don’t usually need to scratch much below the surface to find that out.  Who said what unbelievable thing.  Who did what unbelievable thing.  Who slept with a party outside of the union.  We’ve all seen it / read about it (maybe talked a bit more about it than we … Continue reading

Relationship proofing trusts – can we, should we?

A trust can run for up to 80 years at present.  While the odd relationship clocks up similar tenure, like trusts many are brought to an end sooner than death does them part. Some settlors of trusts, or their canny advisers, consider the possibility of the relationship not lasting the distance and draft the deed … Continue reading

Jurisidiction, divorce and trusts

Jurisdictional issues involving trusts are common in a tax context due to trusts being variously tax-resident in one jurisdiction or another depending on the residence of trustees and settlors.  Due to the mobility of settlors and trustees trusts can be resident in more than one jurisdiction with, at times, significant tax consequences. However, until recently the jurisdictional … Continue reading