If you have the good fortune to be able to contribute towards the deposit on your child’s property, they begin to cohabit with a partner and, possibly, progress towards marriage, it is really important for you to make every effort to protect the asset you intended to benefit your child.
Cohabitation Agreement
Whilst living with their partner (and ideally before they start to cohabit), you may encourage your child and their partner to enter into a Cohabitation Agreement, to define who owns the property and record that any financial contribution made by the non-owner during their cohabitation would not allow them to acquire a beneficial interest in the property.
A Cohabitation Agreement can also help to manage the household and, if necessary, set out the respective responsibilities of each party.
Pre-Nuptial Agreement
Whilst basking in your child’s happiness that their relationship is progressing towards marriage, as a parent, you can still worry that your financial contribution towards the marital home may be lost in the unfortunate event of divorce. Such a loss is avoidable, however, and it is worth knowing that a properly drafted Pre-Nuptial Agreement could still protect your investment.
It would be a good idea to raise the subject with your child in a timely and sensitive manner, and to refer them to a Family Law solicitor for expert advice.
Who Are Goodsells Family Law?
As Family Law specialists, at Goodsells we often advise people in precisely this situation, with a desire to protect family wealth. We can allay your fears, clarify exactly what could be achieved with a Pre-Nuptial Agreement and explain the risks of entering a marriage without one.
A Pre-Nuptial agreement is not the exclusive preserve of the super-rich. If your child has managed to benefit from the acquisition of assets gained through your hard work, generosity and financial contribution, it is important to protect those assets and safeguard your child’s financial security.
Donna Goodsell observes that to protect your assets from your child either living with their partner, or a divorce settlement, a Cohabitation or Pre-Nuptial Agreement is an ideal place to start.
At Goodsells Family Law Solicitors, we can provide specialist advice.
Contact Donna Goodsell on donnagoodsell@goodsellssolicitors.co.uk or 020 7622 2221