Cohabitation Agreements: Legally Protecting Your Assets When Living Together

What is a Cohabitation Agreement?

A cohabitation agreement is a legal document that outlines the financial and property rights and responsibilities of two individuals who are living together but are not married or in a civil partnership.

Benefits of a Cohabitation Agreement

Having a cohabitation agreement in place offers several benefits, including:

• Clarity on asset ownership, reducing potential disputes in the future
• Protection of financial interests in the event of a relationship breakdown
• Establishment of clear boundaries and expectations regarding financial contributions and responsibilities
• Peace of mind, knowing that your assets are protected

Essential Considerations for a Cohabitation Agreement

When drafting a cohabitation agreement, it's crucial to consider the following:

• Asset Ownership: Clearly define who owns what, including real estate, vehicles, and personal belongings.
• Financial Responsibilities: Determine how expenses such as rent, utilities, and household bills will be shared.
• Property Division: Set out how property and assets will be divided in the event of a separation or death.
• Inheritance Rights: Include provisions to protect the inheritance rights of each party and their children.

Seeking Legal Advice

It is highly recommended to seek legal advice when drafting a cohabitation agreement. An attorney can ensure that the agreement is legally binding, addresses all relevant issues, and protects your best interests.