What is a cohabitation agreement?
A cohabitation agreement is an agreement between partners who live together and want to clarify their rights in relation to property and children, both during the course of the relationship and in the event that it should break down.
What does a cohabitation agreement cover?
A cohabitation agreement covers current and future financial and property issues prior to cohabitation. In general, it sets out who the parties are, what their current assets and liabilities are, and how all current and prospective property will be dealt with in the event that the relationship should breakdown. It aims to provide both monetary and emotional security for each party.
When should I use a cohabitation agreement?
You shoud use a cohabitation agreement if you are living with someone or are about to start living with someone, want to be clear about the ownership of assets and how bills will be paid, and want a formal agreement that could be considered by the courts if you split up.
Do I need a cohabitation agreement?
You need a cohabitation agreement when you decide to live with your partner and want to ensure that both of you are clear about the ownership of assets and how bills will be paid. A cohabitation agreement also sets out how affairs will managed in case of a relationship breakdown.
Each party is required to take independent legal advice before entering in a cohabitation agreement. It is also imperative that both parties enter into the agreement freely and voluntarily and that you both make full relevant financial disclosures in order to avoid future allegations of undue influence.
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