As a parent you want to help your children often to leave home but sometimes financial assistance is provided to married children – what happens if they subsequently separate and divorce?
If you have made an unconditional gift to your son or daughter perhaps jointly with their spouse if the marriage breakdowns you cannot claim it back unless your former son or daughter in law agree.
However it could be protected if recorded in a post nuptial agreement between your child and their spouse. This written legal agreement would determine how the gift and any subsequent gifts were to be treated on a divorce.
For further information please contact a member of the Birketts Family Law Team.
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The content of this article is for general information only. It is not, and should not be taken as, legal advice. If you require any further information in relation to this article please contact the author in the first instance. Law covered as at December 2019.