Canadian asset protection question: my work has a risk

It is true that many put their assets in the names of their spouse or adult children to protect them.

So long as you have not at this time at risk of being sued for something that you are aware of it is totally fine to do this.

But you will not later be able to claim that the asset is exempt from being considered a family asset if your marriage ends.

You will pay capital gains tax if you transfer the property just as you would if you were to sell it.

Later on if she sells it your daughter would also pay capital gains tax.

Creditors cannot claim any asset that is not in your name unless you transferred it to someone not at arm's length to try and make the property out of their reach. That is fraudulent.

But if you transfer property now before anything comes up then you are fine.

A private agreement between you and the title holder should protect your interests in the property.

Maybe.

But really if the caveat goes on now and you are sued in 5 years I don't see it mattering.

They cannot seize a potential future interest in property.

They could harass I suppose.

It is cleaning to have a private agreement as I suggested I think.

That is all correct.

The presumption is that it is 50/50 unless there is an indication to the contrary.

Dower rights are about the right to occupy the matrimonial home.

It is for both spouses.

It means that you would have to consent to the waiver of your rights if the house is to be sold.

If you are separated then there is no doubt that you need a separation agreement. It can set out all your rights and all her rights. It is not prudent to just have your own private agreement if there is a separation.

The reason why is this will be considered to be a domestic contract by the court and your spouse could possibly have it set aside if is not done correctly and if you both do not have independent legal advice.

I am saying that without a proper separation agreement you are not protected if your spouse later wants to take the position that she didn't understand what she was signing with this private agreement and she could allege you gave her the property as a gift or a settlement.

She could try to get an order to dispense with your dower rights.

It is private unless you need to register it with the court to enforce it

They could only get it if it became a matter of public record which would be the case if one of you had to register it with the court to enforce it.