The value of a family business or business interest is treated as an asset and therefore part of the matrimonial pot to be distributed when it comes to negotiating a financial settlement on divorce or...
Timothy Hanson and Mark Renouf Partners, Hanson Renouf, Jersey and Associate Members of No 5 Chambers, Birmingham.
In recent years, there appear to have been a growing number of divorce cases where an offshore trust has appeared all too conspicuously on an English court's radar and have either been dealt with or threatened by a variety of orders under the Matrimonial Causes Act 1973. Two such cases, Charalambous v Charalambous  EWCA Civ 1030,  2 FLR 1093 and Minwalla v Minwalla and DM Investments SA, Midfield Management SA and CI Law Trustees Ltd  EWHC 2823 (Fam),  1 FLR 771 have highlighted issues relevant to trusts in the Bailiwick of Jersey, being the largest of the Channel Islands. As will be appreciated from these cases, Jersey enjoys its own legal system and there will, as a consequence, be a number of issues that arise when a Jersey trust is involved in such ancillary relief proceedings. This article examines the differing approaches of the English and Jersey courts in such circumstances and further looks at imminent changes to the Trusts (Jersey) Law 1984 that aim to increase confidence in assets held in a Jersey trust.
See September  International Family Law 135 for the full article.