Protecting your Family Wealth

Lawson-West Solicitors is in the position of being able to offer a wrap-around legal service for our clients. This includes a Family Department which is able to offer advice and assistance to you, your family, friends and colleagues in protecting yours or their wealth, as far as ever possible, in the event of a relationship breakdown.

We are aware that many clients like to be able to financially assist their children, when they are buying a property. But the Bank of Mum and Dad is probably one of the most financially exposed areas that parents may find themselves in. There are ways that parents can protect their wealth from attack, but it does require steps to be taken at the time of the purchase and not when cracks begin to appear in any relationship.

First and foremost, doing nothing to protect a loan or gift is usually considered by the courts as a soft loan. That money will be included in any financial settlement between the separating parties. This is true even if the marriage or relationship commenced after the property purchase. We have been in the unenviable and unfortunate position of advising parents and their children that money which had gone into a family home was now “lost” and would be divided by the courts.

Similarly, for example, gifts of company shares or assets, inheritances or other dynastic wealth can be included in any financial split, unless protected.

We would ask you to think of speaking to the Family Department in any of these situations: -

• There is going to be a purchase of a property whether jointly with another person or solely.

• A gift or loan is being given to assist the purchase of a property jointly with another person or solely.

• There is likely to be gift or inheritance or other financial transaction which is going to increase financial wealth.

• There is going to be a partner moving into an owned property.

• There is going to be a marriage or civil partnership.

The Lawson-West Family Team can offer advice if the relationship does, unfortunately, come to an end - including divorce, dissolution of a civil partnership, separation, finances on relationship breakdown and children matters.

Fiona Wilson, Head of Family Law, would be more than happy to discuss any concerns that you may have.

Contact Us, we would love to help you 0116 212 1000

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