Family holiday plans gone to Ashes
Katy Barber | 01.08.2019
The focus on a relationship breakdown tends to be around the separating or divorcing couple, yet it also has an impact on the wider family. You will want to know:
With so many parents having to loan or gift money to their adult children to help them buy their first home, what happens to that money after a relationship breakdown is an increasing concern. If you are contemplating this sort of investment, it’s a good idea to talk to us first. We can help you decide if the money is a loan or a gift, and if it is a loan how it is going to be protected.
Setting out a formal legal agreement between all the parties can help prevent complications later on. There are routes available that ensure you can help your child get on the property ladder, while still protecting your wealth as an individual:
By safeguarding the money you’ve put towards the property, we can make sure it can be available again if the relationship ends and you want to use the money to help your child (and their children) set up home again.
We recommend you talk to us when you are thinking about giving money to your child or have already loaned or gifted it. As highly experienced family and divorce lawyers, this is an area we are often asked to deal with. Together with our colleagues who specialise in protecting private assets and wealth, we are well placed to advise you and create formal agreements that ensure everyone knows where they stand.