In case partners opt to cohabit, a cohabitation agreement can offer solid protection for their respective interests. According to the Pew Research, which is based on Census data, the percentage of U.S. adults living with an unmarried partner has increased from 6% in 2019 to 7% in 2023.
In case you were to split up, the law could possibly rule that you lose your portion of the house, bank accounts, and other assets. Writing down certain rights and assets in a cohabitation agreement can help you protect them. According to cohabitation agreement lawyer Stephane Quinn, a lawyer can draft the contract to guarantee that it is legally binding and will be upheld in court should it ever be used.
For children, it will be required to make arrangements for custody and support. Let’s review each one of these factors and how they influence the outcome of a cohabitation agreement.
Defining Property Ownership
When you and your significant other make the decision to live together, then the subject of property possession should definitely be made clear to avoid any kind of disputes later on. It is important that each partner is well aware of what is being contributed to the relationship.Â
According to a collaborative family law attorney in Lincolnton, most of the property you brought into the marriage doesn’t have to be split, but there are times when it might be. Talk about how you’re going to handle the things you buy together as a couple. It should be clear who owns what, especially if there is a plan to buy joint properties like a house. It would be a good idea to have a basic contract prepared that will address these topics.
Financial Contributions and Responsibilities
Identifying financial input and obligations distinctly is the main element of a cohabitation agreement’s good outcome. The house rent, electricity, water, gas, maintenance, and food are considered monthly expenditures that need to be divided in a way that is agreed upon by the roommates. Discussing incomes and financial situations is a great idea. Openness will lead to trust, thus, stronger relationships. One of the things you can decide is to prepare a budget together that is an honest representation of your shared principles and aspirations.
For instance, you could come to a consensus to share the costs equally or according to your incomes. Allocate one person to take care of the payment of certain bills or regular expenses. This kind of agreement will eliminate confusion and make both partners feel valued and safe in their involvement.
Handling Debts and Liabilities
Debt and liability management might not be the most comfortable topic to discuss, but it is necessary in keeping the cohabitation agreement healthy. Any debt you or your partner have must be the subject of open discussions, regardless of whether they are student loans, credit card debts, or personal loans. In this manner, you can outline who is responsible for what and avoid conflicts in the future. It would be wise to also think of adding clauses on how the new debts would be handled. If you plan to make joint purchases, determine how the debts will be apportioned.Â
Child Custody and Support Provisions
Dealing with the issues of cohabitation can be difficult, but settlement of child custody and support provisions is a must if you have kids together or from earlier relationships. It is required to elaborate on how the care for the children will be shared, who will have the first right to speak in this regard, and the timing of the visits. The financial aspect of child support is also very important. You should come to an agreement regarding the amount that each parent will be responsible for their child’s total expenses, which would include education, medical care, and leisure activities.
A well-defined agreement provides your children with stability and reduces the chances of conflicts arising. It is useful to revisit every change or alteration that is the result of agreeing to something when the latter concerns family life.
Termination of the Agreement and Separation Procedures
If you and your partner agree to end your cohabitation agreement, the first thing to do is to get a good grasp of the whole process to reduce anxiety and misunderstandings. Start off with a sincere dialogue concerning your choice and the rationale behind it. Then, compare the contract items closely and check if there are any clauses about the termination. You may think of drafting a notice in writing that specifies your intentions so that both parties are informed about the issue.
Make a decision on how to divide and share the resources plus duties, for instance, real estate and money, and this will reduce the chances of miscommunication. In case there are children involved, their well-being should be the main concern, and then the custody matters should be agreed upon. If the procedure is managed with respect and comprehension, the connection can still be maintained, even if two persons are no longer in a relationship.
