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Living together with adult children requires a conversation about expectations.

Acknowledge the challenges they face, like a tough job market.

Develop an exit plan that works for everyone.

Come up with a flexible but mutually agreed-upon timeline.

Many college grads will be returning home, and while most parents will welcome them back with open arms, an extended stay can leave the door open to uncertainty. Is this a long-term arrangement? For how long do they want to live at home? What could precipitate an adult child moving out permanently?

Parents and college grads who are coming back to live under the same roof frequently don’t have answers to these questions. That’s because they’re missing one key component that could help put everyone’s mind at ease, even if it might be difficult to discuss. What’s needed is an exit plan.

Not too long ago, discussions centered around grown kids’ “failure to launch.” The phrase became a catch-all to describe offspring who remained home with their parents, many for years. Some blamed “stunted development.” But it doesn’t have to work out this way. By having an open conversation or series of conversations that detail everyone’s........

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