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Asset freezing is a form of interim or interlocutory injunction which prevents a defendant to an action from dealing with or dissipating its assets so as to frustrate a potential judgment. It is widely recognised in other common law jurisdictions [ 1 ] and such orders can be made to have world-wide effect.
Before diving into specifics, it’s important to understand the legal framework that governs the division of assets during a divorce. Different jurisdictions follow different rules, but broadly ...
These accounts should be dealt with during the divorce proceedings. In some cases, a qualified domestic relations order will be put in place to govern the division of these assets with the non ...
The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
Continue reading → The post How to Protect Trust Assets From a Beneficiary's Divorce appeared first on SmartAsset Blog. Trusts can be a useful estate planning tool for passing on wealth to heirs ...
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
Chapter V of the United Nations Convention against Corruption (2003) makes clear that Asset Recovery is an international priority in the fight against corruption. International asset recovery is any effort by governments to repatriate the proceeds of corruption hidden in foreign jurisdictions. Such assets may include monies in bank accounts ...
Most asset protection trusts established by U.S. settlors are considered "grantor trusts" under U.S. income tax law, meaning that all income of the trust is reportable on the grantor's (i.e., the settlor's) individual income tax return. Asset-protection trusts do not, in and of themselves, offer any tax advantages under U.S. income tax law.