Is a Multigenerational Household Your Only Option?

Economic policies after the Second World War led to the era of the single-family home, in which the single family included a married couple and their children. As the decades wore on, houses got bigger and families got smaller, until by the beginning of the present century, it was common to find three people living in a four-bedroom house. It is undeniably a relief not to live in cramped quarters with numerous people, but if you grew up in suburbia, even sharing a McMansion with your parents and your only sibling felt oppressive. True freedom meant moving out of your parents’ house, and for decades, this was economically feasible for many Americans. Eventually, though, the model became unsustainable, as prices rose, wages stagnated, and job security decreased. The taste for independence endures, and now young adults want to live on their own, and their parents want to maintain their empty nests, even when the parents must send their overgrown offspring money every month to keep them from moving back home. If you have resigned yourself to the fact that a multigenerational household is the only thing your family can afford, but you are still stuck with debts from your days of holding onto your independence against all odds, contact a Boca Raton debt lawyer.

Stress, Lies, Family, Money, and More Stress

Empty nesters would love to keep their nests empty, except at family gatherings, but many of their fledglings still ask them for financial help every month. These are the expenses for which adults under the age of 35 are most likely to rely on their parents:

• Cell phone service
• Car insurance
• Rent or mortgage payments
• Utility bills

Parents are feeling the pinch, because they must usually pay these expenses twice, once for themselves and once for their children. Young adults are also likely to ask their parents to cosign on car loans and personal loans, so whenever a young person cannot make ends meet, the parents are the first to step in to avoid default.

Meanwhile, the silence around discussing finances starts early. When adults under the age of 40 are married or cohabitating with a domestic partner, both partners’ incomes are not always enough to keep the debt collectors away. In about a third of couples, at least one partner receives money from his or her parents each month, but most of the time, the partner who gets the money from his or her parents does not tell the other partner. Perhaps this was your situation, and you eventually had to move in with your in-laws. Now that you have reduced your expenses to the bare minimum, it is time to think about settling your debts or consolidating them, so you can hope for independence again.

Work With a Debt Lawyer About Whether You Can Afford to Keep Your Empty Nest Empty

A South Florida debt lawyer can help you address your debts, with or without going back into multigenerational household mode.  Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.

Sources:

msn.com/en-us/money/markets/a-quarter-of-adults-borrow-money-from-their-parents-to-pay-bills-but-hide-it-from-partners/ar-AA24EZzl?ocid=msedgntp&pc=ACTS&cvid=6a207a6c07ae44858cbb1c5e341b0b34&ei=20

msn.com/en-us/money/personalfinance/5-expenses-parents-may-want-to-stop-paying-for-adult-children/ss-AA24vteu?ocid=msedgntp&pc=ACTS&cvid=6a234f77d00f4bd6a2dfa9d97136adf0&ei=39#image=6