Understanding Cohabitation Agreements

Business

If you have a boyfriend/girlfriend to whom you are not married but have lived for many years, you may consider drawing up a cohabitation agreement. Cohabiting couples lack the legal rights and obligations as a married couple does. Therefore, it is a good idea to establish an agreement to determine who owns what, who gets what, etc. 

Many couples do not want to discuss separation and then find themselves in serious financial difficulties when the relationship ends. To make sure you do not make the same mistake, contact an attorney for common law in ct to draft a cohabitation agreement. 

What is a cohabitation agreement?

If you are living with your partner or planning on moving in together, you can enter into a cohabitation agreement that outlines important matters of the relationship. 

More and more couples nowadays choose to live together before marriage or never have a legalized relationship (such as marriage or civil partnership). However, cohabiting relationships do not hold the same rights as marriage as it does not bind you in the eyes of the law. Such a situation could result in financial difficulties and disputes if the couple were to break up. 

A cohabitation agreement can provide a sense of security and protection. It covers the following: 

  • What happens to pets 
  • Ownership of property
  • How joint assets will be divided
  • Debts of each party
  • How monthly utilities and mortgage will be paid every month
  • Responsibilities of each party regarding the maintenance of the property
  • Next of kin rights.

Is it possible to amend a cohabitation document?

Yes. A cohabitation agreement can always be amended after you finalize it. However, it is recommended to make modifications after significant changes in the relationship, such as having a child, one spouse falling severely ill, one spouse receiving a large inheritance, etc. It is legally required to have the consent of each party before making the changes. 

Is it worth getting a cohabitation agreement?

Attorneys advise all cohabiting couples to make a cohabitation agreement. Although it may seem unromantic, and your partner may even become upset with you when you bring up the subject, having a sensible discussion about these matters in advance can avoid future issues. 

If these points apply to you, it is imperative that you make a cohabitation agreement. 

  • You are buying a house together.
  • One spouse is financially dependent on another.
  • You have children together.
  • One spouse lives in the house of the other. 

If you intend to live as an unmarried couple, it is essential to protect your assets and rights by drawing up a legal agreement. An attorney can provide sensible advice to help you overcome tensions while maintaining that your needs are met. Contact one today. 

 

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