We have long advocated that the strategy of putting the family home (or other assets) in a not-at-risk spouse's name is not a good asset protection strategy. It may be simple and cheap, but invariably it will not help "when the rubber hits the road". The recent decision in Commissioner of Taxation v Bosanac [2021] FCAFC 158 has vindicated our position. In that case, the Full Federal Court found that the wife held half the family home on trust for the bankrupt (and soon to be divorced) husband. A terrible result for the wife.
In this webinar, Kimberley Barnes takes you through the facts of this case, the law as it currently stands, and ways to obtain true asset protection.