South Dakota creates divorce-proof asset trusts
The US state of South Dakota has removed the right of divorcing spouses to obtain marital assets placed within ‘domestic asset protection trusts’ from July 1 this year.
From that date, former partners will only have a legal right to assets placed within the trusts if their former partners already owe them money via, for example, an existing alimony order, child support arrangement or a marital property award.
The change was introduced via South Dakota House Bill 1056, entitled An Act To Revise Various Trust and Trust Company Provisions, recently signed into law by state governor Dennis Daugaard.
The new law takes South Dakota’s trust legislation a significant step closer to that of Nevada, which disallows all marital claims on assets placed within trusts.
South Datota state flag by self via Wikipedia under a Creative Commons licence
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