Any lawyers on GV? How to setup trust to save assets after divorce?
I read on internet that it costs around 30000 to setup one and it need minimum 2 trustees. Can I start one with my parents and me and trustees? Idc how much it costs even 5L is okay by me for setting up trust. Better than losing 50%+ wealth. Plus I've heard it'll help my children to save on taxes and family disputes if any happens in future.
Recently a viral post on gv made me really mad, my dear fellow built his 10cr networth only to be literally stolen by an evil woman who he loved from his heart. Along with hardwork his entire wealth he made through his hardwork was taken away more than 70%.
If anyone is a lawyer here with some knowledge in setting up family trusts then kindly educate us. Ik divorce lawyers don't hangout here but any lawyer who knows about these laws, if you share this knowledge it would be really helpful.
@JadeArgent
Thanks for tagging me!
I'm not a divorce lawyer, though I hope I do get a chance to be involved in family disputes one day, I find them fascinating!
This is one of those posts which makes me wish I could upload a voice recording because one can really say a lot here!
First of all, divorce and matrimony are governed by personal laws, so Hindu Marriage Act, Muslim Marriage Act, etc and divorce and post divorce proceedings depend on which law is invoked.
Second of all, there's no concept of splitting of assets in India like there is in many western countries. I'm not sure what this GV user was talking about when they say they were forced to give up their portfolio. Perhaps the split was done as per a divorce settlement between the parties. Or perhaps the wife laid claims to certain assets.
Thirdly, this is an example of the kind of figures the court orders you to pay in maintenance - A businessman was ordered to pay ₹20,000 as maintenance to wife with an additional ₹15,000 for the child. This comes to a total of ₹35,000. Do you really think ₹35,000 per month is enough for a mother and child to survive? The businessman is also paying approximately ₹1 lakh per month in legal fees and then blames the maintenance order for being "too onerous". Do you get what I mean?
Fourthly, what exactly do you intend for the trust to do? You earn 10 lakhs per month and put it all in a trust do your wife doesn't get it? But maintenance will still be paid on the basis of you earning that 10L regardless of whether you keep it in a trust or give it all away.
Fifthly, do you realise putting your property in trusts would make it inaccessible for you as well? All that property will now come with certain limitations and restrictions, not to mention all the additional costs of running the trust... So what's your game plan here?
Sixthly, and this is my advice to every man or woman or anyone who's THIS afraid of being taken advantage of... Just don't. Don't marry. What's the point of living in such insecurity all your life 🙄
Looks like even Indians should become passport bros at this point.
I'm not a divorce lawyer, though I hope I do get a chance to be involved in family disputes one day, I find them fascinating!
This is one of those posts which makes me wish I could upload a voice recording because one can really say a lot here!
First of all, divorce and matrimony are governed by personal laws, so Hindu Marriage Act, Muslim Marriage Act, etc and divorce and post divorce proceedings depend on which law is invoked.
Second of all, there's no concept of splitting of assets in India like there is in many western countries. I'm not sure what this GV user was talking about when they say they were forced to give up their portfolio. Perhaps the split was done as per a divorce settlement between the parties. Or perhaps the wife laid claims to certain assets.
Thirdly, this is an example of the kind of figures the court orders you to pay in maintenance - A businessman was ordered to pay ₹20,000 as maintenance to wife with an additional ₹15,000 for the child. This comes to a total of 35,000. Do you really think ₹35,000 per month is enough for a mother and child to survive? The businessman is also paying approximately 1 lakh per month in legal fees and then blames the maintenance order for being "too onerous". Do you get what I mean?
Fourthly, what exactly do you intend for the trust to do? You earn 10 lakhs per month and put it all in a trust do your wife doesn't get it? But maintenance will still be paid on the basis of you earning that 10L regardless of whether you keep it in a trust or give it all away.
Fifthly, do you realise putting your property in trusts would make it inaccessible for you as well? All that property will now come with certain limitations and restrictions, not to mention all the additional costs of running the trust... So what's your game plan here?
Sixthly, and this is my advice to every man or woman or anyone who's THIS afraid of being taken advantage of... Just don't. Don't marry. What's the point of living in such insecurity all your life 🙄
Mind sharing link to that viral post please
Barney bhai muje nhi lga tha aap kbhi settle down kroge. After you had daughter I thought you left all this