How to protect your money when helping to finance a child’s diversification project

It is increasingly common for parents to give money to their children to help them buy a property or set up a new business. You may intend this purely as a gift to your child to help them with their new venture not appreciating that in the event of a separation or divorce, that gift may be “lost.”  How can you protect this money if your son or daughter subsequently divorces?  Loan or ownership: You can protect your investment in the new venture by either taking a share in the ownership or making a loan which may also then be protected by taking a charge. If you opt for ownership your advisers can ensure that you are registered as one of the co-owners in the appropriate proportion. So, for example, if you are contributing 30% of…

Keeping the farm going after divorce

Divorce is rarely straightforward, but it can be especially complicated when a farming business is involved. The main priority for farm owners will be to keep the farm running during the divorce process and securing its future viability. But this can be tricky when emotions are running high and livelihoods are at stake. Preserving the business Farms are traditionally handed down through generations, and usually the expectation when a farmer gets married is that the farm will stay in the family. This often means that the farm not only holds a commercial value, but also a strong emotional significance for the farming spouse, who may be keen to keep it post-separation to preserve the business for future generations. Yet, the non-farming spouse who may have made a significant contribution to the running of the farm, as…