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Divorce: Was a trust set up to hide assets?

On Behalf of | May 8, 2020 | Uncategorized

Ed Bosarge is one of the founders of Quantlab, a commodities trading company. He started the company nearly 10 years after he and his wife had married in 1989. Bosarge became a billionaire, and he and his wife reportedly lived an over-the-top, lavish lifestyle for the next 30 years. Then, in 2017, Bosarge filed for divorce. Any New Jersey spouse concerned about hidden assets may want to review this case.

Since then, the former Mrs. Bosarge has stated that she believes her former husband created a trust in another state in order to hide assets that she may be entitled to receive in property division proceedings. She said she had expected to receive approximately $2 billion in property and assets in the divorce. However, if Bosarge gets away with what she believes is a hidden asset scheme, she may only be entitled to several million dollars, which, she says is barely enough to cover her legal expenses.

South Dakota is the state where Ed Bosarge created a trust. The trust laws there apparently attract many wealthy people who wish to protect (or hide?) assets from creditors, former spouses or business partners. In South Dakota, a trust can be held in perpetuity, meaning indefinitely. Bosarge’s ex says she believes he stashed all the money and assets to which she may be entitled in their divorce into a protected trust, and that the state‘s laws are such that she may wind up losing everything.

Resolving hidden asset issues is a concern many New Jersey spouses have in divorce. A spouse may take money from a jointly owned account or overpay in taxes or on a credit card bill as a means of hiding assets. The court does not look favorably upon those who try to beat the system, and hiding assets happens to be illegal. Anyone who has encountered a hidden asset problem in divorce may reach out for support by requesting a meeting with an experienced family law attorney.