11 Apr Negotiate Divorce Agreement
Sharon: Yes, absolutely, and there has been a very significant change in the legislation recently with respect to the taxation of the trust`s income after the divorce. Individuals can create trusts and transfer assets to these trusts, and these assets are transferred from their rebates for inheritance tax purposes, if they are well structured, but they can continue to hold the trust for income tax purposes. If something stands out more than anything about divorce mediation and negotiation, then it is possible to negotiate a fair divorce contract without knowing all the facts. Of course, you can “get lucky” if neither party knows the score. But much more often, one party has a strong understanding of the facts as they are applied to the law, and the other party is not. Communication is essential to solve potential problems and get to the heart of the matter. Negotiation – by its very nature, communication between the parties and their lawyers is necessary. Communicating means what you really mean, but in a way that is respectful of your spouse. Obviously, there are times when communication between spouses will simply not be possible. There may have been far too many problems between spouses who do not practice – or make it impossible – divorce negotiations and communication.
If this is the case, your lawyers should be allowed to communicate with you on behalf of you and your spouse. Finally, lawyers are trained in the art of communication, so, if you are not able to communicate on your own, let your lawyer communicate for you in order to reach a quick negotiated solution. Mark: You`re right about the comment you made. I am working more and more with the trust`s lawyers every day, while these cases are ongoing, part of my job is to consider the assets of the parties and decide what is a matrimonial asset, which is not a matrimonial property, but separate from what the parties` property is. There may be something that someone says, it is no longer one of our assets, because it is an irrevocable trust. And something that is irrevocable trust in most states is outside of marital succession, and it is not divisible by the legal incident to a divorce. So one of the things we`re looking at is, if there are millions of dollars in trust that could be outside the estate, was there an element of control that was maintained by one of the parties that could bring that asset back into the matrimonial estate? And honestly, I was working on a case not so long ago, and I accidentally read Sharon`s article on the change in the tax law, and that triggered something, and I said for a second, the spouse has to pay tax and eternity in the future, that`s an element of control that we have to consider.