Cohabitation Agreement: Protecting Unmarried Couples
More and more couples are choosing to live together without getting married. While this may work well for some, it can create complications if the relationship ends. A cohabitation agreement can help unmarried couples protect themselves and their assets.
What is a Cohabitation Agreement?
A cohabitation agreement is a legal contract between two people who live together but are not married. It outlines how they will manage their finances, property, and other aspects of their life together. It can cover things like:
– Who will pay for what expenses
– How property will be divided if the relationship ends
– What happens if one partner dies
– How disputes will be resolved
Why Do You Need a Cohabitation Agreement?
Without a cohabitation agreement, unmarried couples are not protected under the same laws that govern divorce. This means that if the relationship ends, there may be no clear rules for how property is divided or how debts are handled. This can lead to lengthy legal battles and financial headaches.
A cohabitation agreement can help avoid these problems by clearly outlining the expectations and responsibilities of each partner. It can also help prevent misunderstandings and disputes that can arise when couples live together but are not legally married.
How to Create a Cohabitation Agreement
Creating a cohabitation agreement is similar to creating any other legal document. It is important to work with an attorney who is experienced in family law and understands the particular challenges faced by unmarried couples.
The first step is to discuss your goals and expectations with your partner. What are your concerns? What do you want the agreement to cover? It is important to be honest and upfront about your needs and expectations.
Next, you will work with your attorney to draft the agreement. This will involve identifying all assets and debts that will be covered, as well as outlining how they will be divided if the relationship ends. It may also include provisions for things like child custody, if applicable.
Once the agreement is drafted, both partners should review and sign it in front of a notary. This will make it a legally binding contract.
Protecting Yourself and Your Relationship
A cohabitation agreement may not be the most romantic thing to think about, but it can be an important tool for protecting yourself and your partner. By creating a clear set of rules and expectations, you can help ensure that your relationship remains strong and stable even in difficult times. Talk to your attorney today to learn more about how a cohabitation agreement can benefit you.