Cohabitation Agreement: Do You and Your Partner Need One?

Cohabitation Agreement: Do You and Your Partner Need One?

Living together impacts your relationship. By putting together a cohabitation agreement, you and your partner can determine your stance on key areas and issues. In case of a separation, cohabitating couples will have fewer worries when it’s time to divide their assets, The Spruce says.

Why it matters?

Married couples can expect their fair share of any assets they have when the relationship dissolves. Cohabitating couples, on the other hand, don’t have much in the way of legal regulations and definitions, which means aren’t afforded the same level of protection as married couples. That’s where a cohabitation agreement comes in. With a cohabitation lawyer, you can put together a legally binding document that sets several rules to protect both parties in the future.

What does it do?

The agreement can cover questions of ownership. It states who owns what before the two parties start cohabitating. That way, any properties acquired before the relationship will belong to the original owner and will not be divided in case the couple separates. The agreement can also set conditions and terms involving the division of any properties, income, and assets acquired during the cohabitation period between the couple.

Will you need a lawyer?

A cohabitation lawyer can help you put together a document that satisfies the needs and conditions of both parties. An experienced lawyer can also provide you and your partner with information regarding cohabitation rules and conditions that may affect your finances or debt during or after the relationship. By hiring a lawyer, you have someone to give you the answers you need.

How to pick one?

Look for a lawyer with experience. Someone who specializes in these cases should make a good choice. An excellent reputation and record won’t hurt either. If you want to make sure that agreement is air-tight and spot-on, seek out independent legal advice from trusted and reputable lawyer.

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