Many young couples are facing serious difficulties when it comes to entering the housing market. With student debts high and the cost of housing skyrocketing it may come as no surprise that more and more couples are getting assistance from mom and dad to make their first home purchase.
While parents are often ready to make such a gift, they may be concerned about what will happen to that money in the event of divorce or separation. Parents are apprehensive to make a large monetary gift without protecting their son or daughter’s financial interest in the future. “Parents want to make it clear, in a legal document, that they want the money to stay with their child if a marriage ends in divorce” said the Times in their article on September 24th . This trend has led to a substantial increase in the number of younger couples seeking prenuptial agreements at the request of their parents.
If your child is getting married, you may want to consider the advantages of a prenuptial agreement in keeping the benefit of your gift with your son or daughter. Our office is experienced in all matters of family law, including prenuptial agreements. For more information on how to best address your unique situation please contact Elise Buie Family Law Group, PLLC for a consultation.