The Ex-Files: How do I get my share of the family home when it’s owned by a trust?
Question: I was with my husband for 18 years and we have three children. When we started our relationship, my husband’s home was owned by a trust. The trust also owns my husband’s business, which he has worked in throughout our relationship. I also helped with the business and I also helped him with it. I was never paid but my husband received a salary, and we would get extra money on top of this, which paid for our lifestyle.
Ten years ago, I received an inheritance from my parents. The majority of this, around $165,000, was spent renovating our family home. The rest of the inheritance was put into Bonus Bonds which were cashed out last year and are sitting in our savings account.
We have separated and the children and I have moved in with my parents as my husband said I have no claim to our family home, now worth around $2,000,000.
Answer: Because the main assets are owned by a trust the division of the trust property is complicated. You will need to seek advice from a lawyer to better understand and resolve these issues. Read the full NZ Herald Ex-Files article to learn about constructive trust claims and how the inheritance might be treated, as well as information about the complexity of the division of trust property.
