Consult a trusts lawyer to work alongside your family lawyer on this. The parties may be able to strike a settlementbetween you and your wife to have an asset of the trust pass to your son under the terms of a binding financial agreement. Whether or not your son can receive an asset from the trust depends on the terms of the discretionary trust deed and whether he is included in the beneficiary class.

Note that there are stamp duty exemptions on the transfer of otherwise dutiable property in Victoriato beneficiaries of discretionary trusts where no consideration is paid between parties.There are also duty exemptions available on relationship breakdown.

CGT rollover relief under family law is available for capital assets passing from trusts to spouses of the relationship as a result of relationship breakdown, but not from the trusts to children.

Also, from a tax perspective, the use of a childsupport trust for the benefit of your son may also be worthwhile consideringif there are substantial assets of the relationship, particularly where child support payments need to be made for the benefit of minor children.