A wealthy Durban businessman has failed in his bid to 'hide' more than R5.5 million from his wife. He had hastily established a trust and repaid his father an old debt. | GroundUp_News
The couple were married out of community of property with accrual.
The Supreme Court of Appeal has ruled that the timing was questionable, and in a unanimous judgment, confirmed that in divorce proceedings courts are entitled under common law to"pierce the veneer of trusts" in certain circumstances.The divorce trial commenced in the Durban High Court in February 2015.
His estranged wife became aware of these transactions and, in the ongoing divorce proceedings, said they should be taken into account in the calculation of what she was owed in terms of accrual. They cited case law which stated that an accrual claim was determined on a"factual and mathematical basis" and was not a matter of discretion.
Turning to the merits of the case, Judge Makgoka said the trial judge had been correct in his findings. "This is an important consideration. It sets the tone for the creation of the trust, as well as the payment to his father," Judge Makgoka said.
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