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News » Past articles » Gifting or lending money to your children

Gifting or lending money to your children

2012-11-12

It is important to document a gift or loan to your child and understand the meaning and consequences of the gift or loan under the Family Law Act 1975 (Cth).

It is natural for parents to want to help out their children financially, and frequently parents contribute large sums of money to their children's first home purchase. Disagreements often arise many years later, when memories have faded and intentions have changed, and the once loving relationship of the child and his or her spouse or partner has turned acrimonious. The question of how to treat the parents' contribution can be the subject of Family Court Litigation. The interests of the parents' and the child do not always coincide. We recommend parents and children seek advice about the best way of protecting their interest.

Please contact Gordon Ainger, Accredited Family Law Specialist at gainger@richbenn.com.au or Daniela Kovacevic, Senior Family Lawyer at dkovacevic@richbenn.com.au in the event you have any queries relating to this contact or Family Law matters generally. 

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