Pro Soccer Star Achraf Hakimi relies on his mother to save his fortune from ex-wife Hiba Abouk who has filed for divorce from the Paris Saint Germain star player. Achraf Hakimi has reportedly managed to find a loophole to save his assets in the divorce from his wife, Hiba Abouk. The PSG star reportedly has no significant assets in his name, and most of his fortunes are saved under his mother's name. Reports in France claim that 80% of the PSG star's salary goes to his mother. He keeps the rest 20%, and that has helped the footballer save a lot in the divorce settlement. Could something like this happen in New York State in a divorce? Let’s think it over…
Marriage is a significant event in a person's life, and it comes with legal and financial implications. In New York State, the law mandates that marital assets be divided equitably during a divorce, which means each spouse is entitled to a fair share of the property accumulated during the marriage. However, some spouses may consider transferring their assets to their parents during the marriage to avoid equitable distribution of marital assets.
Asset transfer during a marriage is a complex issue, and it is important to understand the legal implications before taking any actions and consulting with an expert matrimonial attorney here at Mindin & Mindin, P.C.
In New York State, a spouse may transfer their assets to their parents or any third party during the marriage, but such transfers can be challenged in court during a divorce. In New York, the court will presume that any asset transfer made during the marriage is a fraudulent transfer if the transfer was made with the intention of depriving the other spouse of their rightful share of the property. This is because the law recognizes that each spouse is entitled to a fair share of the marital assets, and any attempt to conceal or transfer assets is a violation of the law.
If a spouse transfers their assets to their parents, the court will investigate the transfer and consider several factors, including the timing and purpose of the transfer, the relationship between the spouses, the value of the assets transferred, and whether the transfer was made in good faith. The court may also consider whether the spouse had any outstanding debts or obligations at the time of the transfer. If the court finds that the transfer was made with the intent to defraud the other spouse, it may order the assets to be returned to the marital estate and divided equitably. The court may also impose penalties, including monetary fines and sanctions, on the spouse who made the transfer. It is important to note that transferring assets to a parent does not guarantee that the spouse will avoid equitable distribution of marital assets. The court will examine the circumstances surrounding the transfer and make a determination based on the specific facts, circumstances and evidence presented. Additionally, transferring assets to a parent may have unintended consequences, such as tax implications or potential disputes with the parent over the ownership of the assets.
While transferring assets to a parent during a marriage may seem like a way to avoid equitable distribution of marital assets, it is not a foolproof solution. New York State law recognizes that each spouse is entitled to a fair share of the marital assets, and any attempt to transfer or conceal assets will be scrutinized by the court. It is essential to consult with an experienced matrimonial attorney at Mindin & Mindin, P.C. if your circumstances match this situation in order to ensure that your rights are protected and that you understand the legal rights you may have.
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