Cohabitation has become more and more common in today`s society. The decision to live together with a partner can be exciting, but it also brings up certain legal considerations that should be taken seriously. One of the most important things to consider is whether or not you should get a cohabitation agreement.
A cohabitation agreement is a legal document that outlines the rights and responsibilities of each partner in a cohabiting relationship. It can cover issues such as property ownership, financial support, and how assets will be divided if the relationship ends. Here are some instances where it is recommended to get a cohabitation agreement:
1. When buying property together
If you and your partner decide to purchase a home together, it is strongly recommended to have a cohabitation agreement in place. This ensures that both parties have a clear understanding of their ownership rights and obligations in the property, which can become complicated if the relationship ends.
2. When pooling finances
If you and your partner have decided to pool your finances together, a cohabitation agreement can help clarify expectations around how money will be spent, saved, or invested. This can help prevent disputes in the future and ensure that both parties are on the same page about their financial goals.
3. When one partner has significant assets
If one partner has significant assets, such as a business or an inheritance, a cohabitation agreement can help protect those assets in the event of a breakup. It can outline how those assets will be divided, rather than leaving the decision up to a court.
4. When there are children involved
If you and your partner have children together or from previous relationships, a cohabitation agreement can help ensure that their needs are taken care of in case the relationship ends. It can address issues such as child support, custody, and visitation rights.
In conclusion, getting a cohabitation agreement is highly recommended for couples who are living together. It can help prevent disputes and provide clarity on important legal issues. If you`re unsure whether or not you need a cohabitation agreement, it`s always best to consult with a lawyer who can advise you on your specific situation.