One way to protect personal assets when doing business in Australia!

A common way to protect your assets is to put them in the name of your spouse. This can help protect your assets in the event of a business failure, bankruptcy, or other financial hardship.

For example, let’s say you are a small business owner and your spouse is not involved in the business. You could put all of your business assets in your spouse’s name. This would help protect your personal assets from creditors if your business fails.

What if you get divorced? You won’t necessarily lose everything. In Australia, the division of property upon divorce is not solely determined by who owns the property. The court will consider various factors, including the length of the marriage, each spouse’s contributions to the marriage, and the needs of any dependent children. Therefore, even if you put all of your property in your spouse’s name, you may still be entitled to a share of it in the event of a divorce. The specific amount will depend on the factors mentioned above.

If you have any questions regarding operating a business in Australia, please contact us immediately. Our commercial lawyers are happy to answer any relevant legal questions.

*Disclaimer: The above content is intended to provide general legal knowledge and should not be considered specific advice for your individual situation. The law is complex, and we strongly recommend seeking professional legal advice. Canaan Lawyers is not responsible for any loss or damage incurred by anyone as a result of information included or omitted in the above content.