Legal liabilities of business

Dear Client,
A person can transfer his self-acquired property to anybody as per his choice, but courts may declare such transfers void if they are made with the intention to defraud the wife or the business's legal liabilities. If a transfer of property is made before filing a divorce petition with the intent to "defeat or delay" the legal claims of a spouse or business creditors, it can be declared fraudulent by a court once it is proven before the court. Instead, If an irrevocable living trust is created by a couple was, then it cannot be changed later regardless of a decree divorce. An irrevocable living trust is a trust where all the assets are transferred and all control signed over to the trustee immediately. In most cases, irrevocable trusts set up by married couples are meant to benefit the children and neither party has access to the trust. In the event that either party has got access to the trust with a intent to abuse that access, the court may pass an order specifying that the trust is closed to the parties and that only the beneficiaries may benefit from it. Hence, it is advisable to consult with an Advocate specialising in matrimonial and property matters to understand your rights and remedies to navigate the issue effectively.