Hello and thanks for your question.
Once a divorce petition has been filed at court, either party can ask the court to decide how the matrimonial assets should be divided if the couple cannot agree between themselves. The matrimonial assets are everything in your name, everything in your husband's name, and everything you own jointly. The parties are under a duty to provide full financial disclosure to each other and to the court. The court starts from the position that the assets should be divided equally and then looks at reasons why that should not be so eg if one person is to provide a home for the dependent children, they can argue for a greater than 50% share, or if one person has an income significantly less than the other, they can argue for a greater than 50% share.
But before looking at how the matrimonial assets should be divided, there can be an argument - as in your case - about whether a particular asset is or is not a matrimonial asset - ie should the properties now held in trust for the children be counted and added into the matrimonial pot, or should they be ignored when it comes to deciding how much each of you should have on divorce.
Unfortunately, it seems that the family court decides this issue case-by-case, rather than having a clear position for all cases involving trusts.
Issues that will be important will be whether the documentation is clear that the only the children are beneficiaries, that it is recorded that your husband knew and consented to trust being set up for the benefit of the children, and crucially, whether you could access the assets of the fund for your own benefit, rather than for the benefit of only the children. The family court as a general rule is very reluctant to disregard any assets when it comes to deciding what is or is not a matrimonial asset. If you alone are the trustee, or even if you are the trusteee with your husband, the court might decide that the assets of the trust fund are a resource availabe to you - if so, the court will decide that the trust is a matrimonial asset, and the value of the properties held by it will be added to the total of the matrimonial assets to be dividied on divorce.If the court did take this view, it would not necessarily mean that any of the properties held on trust would have to be sold, but that you would get a smaller share of the other assets.
This article gives some helpful pointers:-
Sorry that I wasn't able to give you a more clear-cut answer - but family law can be like that. I hope this helps anyway and I wish you the best of luck.
Thanks and best wishes...