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It has become increasingly common for the parents (or family members) of one or both of the parties to a relationship to provide financial assistance to their children, including to assist their children to purchase property. But how is this 'financial assistance' regarded when the relationship breaks down?
Most of our clients, after divorce, wish to leave their assets to their children or new partner, not the ex. This is particularly so if you have been to the Family Court to resolve how to divide up the assets – you don't usually want to give even more of the net amount you receive to that former spouse later, if you die.
The term ‘divorce’ is often used as a blanket term by people going through a separation to encompass everything that happens after a separation, including the steps taken to bring them to financial independence, arranging 'custody' of children and the fact of no longer being married.
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