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Online CPD Module l Electronic booklet l PowerPoint Presentation
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It is becoming ever increasingly difficult to save for a deposit on a house, and luckily for some, generous parents are able to help out so that their children can get their first step on the property ladder. These arrangements begin with the best of intentions, however, things can go wrong down the track when the parties have a different understanding of what was agreed to with a key dispute being whether the money was a gift or a loan. This module will help enable you to work effectively with your clients in ensuring clarity about what is being agreed to and in providing robust advice if issues do emerge.
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Authors: Amanda Donovan, Ben Jefferson
Published: 9 September 2021
Pages: 27
As family lawyers we frequently meet clients whose well-meaning parents have contributed, or wish to contribute, to the purchase of the couple’s family home. However, even the best intentions do not necessarily lead to mutually agreeable results. The parent-child team will have one idea about who is entitled to funds on separation (or a corresponding share in the property) while the spouse may have conceptualised it quite differently. While parents may also contribute to property other than a couple’s family home, and while contributions may also come from other family members (or third parties) this paper uses a parents’ contribution to a couple’s family home as the archetypal example of where questions of gift, loan or investment arise (unless otherwise stated).
The characterisation of contributions made by family members to property is vital. It affects the entitlements of both the contributing party and the separating couple. Robust advice and clear documentation at the outset is needed. Where such advice is not provided and documented at the outset, the parties may be surprised by how the Court treats such contributions after the fact (and in particular, on separation).
In this paper we explore the current legal position, discuss practical options for your practice (at the inception of the contribution), look at the evidence you will require at the conclusion of a relationship when faced with a gift/loan scenario and look at the decisions to see how the courts are treating these applications.
These are the slides included in the presentation.
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Gift or Loan? 2021 - On DemandPublication Date: 09-Sep-2021Authors: Amanda Donovan, Ben Jefferson |
NZ $145.00 | ||
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