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QLD De Facto Getting Married - How to Protect my Property?

Discussion in 'Family Law Forum' started by JillA, 20 January 2015.

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  1. JillA

    JillA Member

    20 January 2015
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    I am getting married next month and my husband to be (current de facto) is a director on a company which looks to be going under. I own a house in my name and am worried about protecting the property just incase. We do not have any joint accounts. What do we need to do to not jeopardise my home? I live in Queensland.
  2. Sophea

    Sophea Well-Known Member

    16 April 2014
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    Hi Jilla,

    Firstly, if you own the house and have always owned the house (i.e. it wasn't gifted or sold to you by your husband-to-be) and it still in your sole name when the company goes under, you are not at threat of losing it - unless you have personally guaranteed any loans or credit of the company.

    In any event, there are limited situations in which a director will be liable for the debts of the company. These include where - a director has allowed the company to trade while insolvent, where there has been a 'director related transaction', where a transaction has been entered into by the company to avoid paying employee entitlements when in liquidation and in circumstances where the debt is for taxes payable to the government. In these circumstances your spouse may be liable as a director of the company, however only his assets will be up for grabs. This is unless he has tried to transfer property or assets to you or given you substantial monetary gifts prior to the company becoming insolvent. In these situations, trustees can claw back property disposed of by the company or in circumstances where they are coming after a director in one of the above events, they can claw back assets disposed of by the director.

    If you want further reassurance I would seek professional advice about structuring your assets perhaps in a discretionary trust or similar vehicle.

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