Parents warned to prepare for divorce when helping kids into property market [Video]

A family law expert is warning parents looking to help their children buy their first home to have plans in place for what will happen to the money in the event of a relationship breakdown.

Amid persistently rising house prices, more parents are helping their children get into the property market with increasingly generous amounts of money.

As a result, they have become more cautious about the legal consequences of their children separating, particularly with the rising trend of separation and blended families.

Justin Dowd, head of growth and markets at Watts McCray Lawyers, says parents and those lucky enough to receive money need to put a solid plan in place.

Where parents are proposing to provide financial assistance it is essential that the arrangements be properly documented to make sure that everyone is clear on what the agreement actually is, Dowd says.

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