While they say love conquers all, one thing cupid doesn’t do so well is splitting property when relationships die. Then there’s the cohabitation agreement — not sexy, but probably inevitable for more and more couples in this day of putting off marriage while living a life similar to that of a married couple.
So, What Is a Cohabitation Agreement?
A cohabitation agreement is much like an insurance policy for your relationship. It is a formal legal document that specifies how unmarried couples will conduct their finances, share assets and responsibilities during cohabiting together -and more importantly- what to resolve in case of breakup.
While married spouses have an established legal framework in place that governs divorce, cohabiting couples operate within a murky confluence of traditional assumptions; something which can be financially ruinous when things go wrong.
Why You Need One (No Matter How Deeply in Love)
The uncomfortable truth is that in the UK, rather than common law marriage being actually a thing (which it largely is not), only married couples enjoy such a large ability to enforce provisions. Just because you and a partner have lived together for many years it does not mean that you have rights in law to his or her property, wealth. But without a cohabitation agreement, you may have no right to the home for which you’ve paid or share in any business that you nurtured. For Family Law Solicitors Gloucester, visit Dee & Griffin.
The agreement protects both sides by setting out clear terms. Who pays what bills? How are household expenses split? What to do with community assets during divorce? These conversations may be uncomfortable now, but they are a lot less expensive than court fights later.
What Should Be Included?
A well-rounded cohabitation agreement represents property rights, mortgage payments made together or in part separately; household functioning and costs along with debt incurred as a couple. This includes what happens to pets, personal property, and investment in common. A child custody arrangement would be included with children, financials and where the people will live.
The document should also detail how disputes will be resolved – all parties prefer mediation to litigation. Review clauses ensure the agreement keeps abreast with changing circumstances.
Getting It Right
You can find DIY templates online, so this is a popular option when it comes to the contract management tools available on today’s market but also keep in mind you have some options where legal advice might do more. You may think it unnecessary but having your agreement overseen by Family Law Solicitors Gloucester can make sure that all things are legally binding and more importantly, comprehensive.
