Pre-Nuptial Agreements: The Bank Of Mum and Dad
Posted by: Sarah Spence
Posted on: 26th January 2016
A national newspaper recently reported that an increasing number of couples are entering into Pre-Nuptial or Living Together Agreements to protect their assets if they should separate and it appears that often they are being strongly encouraged to do so by their parents.
As it is becoming increasingly difficult to get on the property ladder with many people finding it more challenging to save enough for a deposit quite often parents are helping their adult children by lending or giving them money for a deposit.
Whilst such parents no doubt do not want their children to split up with their partners they also know from experience that unfortunately couples sometimes do separate. In such a situation parents naturally want to ensure that their child’s financial position should be protected in the event of separation.
A pre-nuptial agreement or living together agreement will provide certainty as to who is entitled to what share of any property in the event of a divorce or separation.
It is also important to consider, if parents are providing a deposit to assist with a property purchase, to take legal advice as to whether a trust deed is required to ensure such a deposit would be repaid to the parents in the event of a sale of a property at a future date.
If you would like advice in respect of a Pre -Nuptial agreement please contact Ashwin Topiwala on 01162628596 or email@example.com
If you would like advice in respect of a Living Together Agreement please contact Sarah Spence on 01162628596 or firstname.lastname@example.org
If you would like advice regarding buying or selling property and trust deeds please contact our conveyancing team on 01162628596