Australian parents demand their children get prenups
September 12, 2017 0 comments
Australian parents are increasingly asking their adult children to get prenuptial agreements before they agree to help them financially.
The ‘baby boomer’ generation has “unprecedented levels of wealth” and many want to assist their children in getting a home in an increasingly expensive job market, Business Insider reports. Baby Boomers are generally classed as those born between the mid-1940s and the 1960s.
However the desire to help is not unconditional. Many parents want to ensure that their investments will not be lost if their child gets divorced.
One Australian family lawyer claimed his firm “do hundreds [of prenups] a year now” as they “are significantly growing in popularity”. Many parents want their children “to enter a binding financial agreement to protect their assets so that they run down the blood line”, he explained, but “broaching the subject … can be the hard part”.
Their popularity may be growing because people are increasingly confident the agreements will be approved by the courts. Prenups “are unlikely to be set aside unless there is good reason for it”, the lawyer said.
Divorce concerns are not exclusive to Australian parents of course. Earlier this year, a survey of UK adults found that as many as 30 per cent were cautious about financially helping their children for this reason.
Photo by Sebastien Wiertz via Flickr under a Creative Commons licence.
September 12, 2017
Categories: Prenuptial Agreements