It is very common for people to transfer assets to a spouse (or family trust) before embarking on a ‘risky’ activity. For example, before going into business, starting work as a medical professional, becoming a partner in an accounting or law practice, or undertaking a development. But is this really effective?
We outline some strategies to protect your home and other assets including:
1. Adopt a business structure that affords you a good level of limited liability
2. Limit the number of people who become a director
3. Carefully read the terms of all documentation you enter into
4. Be very reluctant to agree to personal guarantees.
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Asset Protection Issues on Transferring the Family Home to your Spouse article is only available to our members.
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