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A cohabitation agreement is a legal document that outlines how living expenses and assets will be divided in case of separation or death. It is recommended for unmarried couples, including same-sex couples, who prefer cohabitation to marriage. The agreement covers resource allocation, inheritance rights, child custody, and financial support.
A cohabitation agreement is a legal document that works for unmarried couples in the same way a prenuptial agreement does for married couples. The document outlines how living expenses and other costs will be divided while the cohabitation exists. It also lists specific details on the distribution of assets and property in case of termination of cohabitation. A cohabitation contract can be used by both heterosexual and homosexual couples.
Cohabitation is the act of cohabitation outside of marriage. Many couples prefer cohabitation to marriage, particularly when marriage is viewed as an institution rather than a love bond. Cohabitation may also be preferred for younger couples who wish to spend time together in a committed relationship before deciding to marry or for older couples who have already survived one spouse and would prefer to honor their memory by not remarrying. It is also common among same-sex couples who may not be legally allowed to marry where they reside.
A cohabitation contract is recommended for several reasons. Without a marriage settlement, many issues such as the distribution of assets and the division of commons can be difficult to divide if the couple chooses to stop living together. Couples may also not realize that in the event of an untimely death, many places do not recognize common law partnerships or marriages and may legally prevent the survivor from accessing any assets left behind. Having a cohabitation contract in place not only makes things easier during a separation, but it can also help protect both parties by preserving their inheritance rights in the event of tragedy.
The basic details of a cohabitation contract cover several areas. The first part generally provides a resource summary for each party detailing their individual resources before entering into the agreement. It will also list how to allocate any assets acquired during the period of cohabitation in the event of separation. Finally, the cohabitation agreement will often outline exactly what assets and accounts each party is entitled to inherit in the event of the other party’s death. While many areas do not recognize the general rights of cohabitants, the agreement is a legally binding document that must be recognised.
Cohabitation agreements may also outline other details that are typically reserved for married couples. If the unmarried couple has children together, the agreement could specify any child custody and support arrangements that would need to be put in place. The document may also include details of any financial support owed to either party in the event of a separation, especially useful when one person has a substantially higher income than the other. Similar to alimony for married couples, this type of financial support is often referred to as a palimony.
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