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.
The Asset Protection Issues on Transferring the Family Home to your Spouse
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