A cohabitation agreement is a contract between two parties who will be living together or who may already be living together. Both parties are usually not married and have a living arrangement together instead. Parties can include specific details in the contract about how the relationship will be or keep it flexible on many matters. Couples in these agreements can come into conflicts on matters that are left open-ended.
The main purpose of these agreements is to form a set of expectations about conduct. It is meant to create guidelines for the couples in case they do decide to part ways in the future. Each person has inherent legal rights that must be respected in every relationship. The courts enforce these regulations under family law.
A cohabitation agreement is considered a legal contract that outlines the rights, responsibilities, and financial arrangements for unmarried couples living together. It is a contract signed by an unmarried couple to reside together and form financial obligations towards each other without being married.
Another aspect of the agreement is addressing the matters after one partner dies. These could include any outstanding medical bills or any funeral arrangements. The agreement can outline what would occur after one partner passes away and also establish fair life quality expectations during the partnership.
What Does the Cohabitation Agreement Consist Of?
Parties can agree on what to include in their cohabitation agreements. Some of these matters may consist of:
- The financial obligations each party needs to fulfill and figure out a plan for any outstanding debts;
- Divide among the couple the finances such as rent and utilities;
- Devise a plan for how to divide common property if the couple separates;
- Will there be child support payments if children are involved after the couple part ways?
All states now recognize a cohabitation agreement between same-sex couples. The majority of these agreements include the rights that are necessary to protect their interests. In the event of separation or death, a cohabitation agreement will make it easier to divide property and obligations.
What Steps Do I Need to Take To Make Sure That My Agreement Is Enforceable?
In order for the courts to approve the cohabitation agreement, it must contain certain provisions and follow certain procedures. Both parties need to have reasonable time allocated for them to review the agreement and must be provided with the full disclosure. It is recommended for both parties to have separate attorneys to review the contracts.
Moreover, the terms of the agreement should incorporate equitable standards. This means the terms need to be balanced for both parties and create equal opportunities for the just treatment of both parties. Disclosing information regarding each other’s property is useful for understanding any shared assets, debts, and other items of importance and value to the couple.
Keep in mind that all the terms must be in tune with any child’s best interests if the couple has any children together. The partners can decide whether or not they want to be in a cohabitation agreement, but it is not considered necessary in every situation.
How Do Cohabitation Agreements Operate?
In essence, a cohabitation agreement is a contract that works to provide unmarried couples similar protections as married couples. It is similar to prenuptial agreements in that it addresses property and personal obligations each couple had before beginning to cohabitate. As a couple starts to live together, they commingle obligations and finances. This could be about a mortgage or lease agreement, utilities, a car payment, or even groceries. If a legal contract does not exist, neither party’s interests or investments are protected.
The reality of any situation involving couples is that disputes will arise. These can become more complicated if there is no agreement between them addressing legal issues dealing with finances, children, alimony, and other obligations. A cohabitation agreement can provide provisions to solve these issues before they even arise. Before drafting an agreement, couples can have conversations regarding their property and how they would like to divide their assets if a breakup occurs.
If you need further assistance, you can consult with a family lawyer to figure out how you need to navigate these situations in your case and according to all legal regulations in your state.
Are Cohabitation Agreements Legally Binding?
Most states will recognize and uphold a properly executed cohabitation agreement. Whether or not a cohabitation agreement is legally binding will vary depending on the contract laws in your state and if your agreement adheres to those laws. Any agreements violating a party’s liberty to freely contract will be under scrutiny. A court will never enforce a contract that is signed under force or duress.
To ensure that the cohabitation agreement is fair, properly executed, and legally binding, one must seek out legal advice about family law. An attorney can guide you in drafting an agreement that meets all the standards and regulations of a valid contract in your local state.
What Are the Benefits of a Cohabitation Agreement?
There are several benefits when it comes to the cohabitation agreement. Below is a summary of these advantages that both parties engaged in a relationship can benefit from. Firstly, the agreement can provide clarity on expectations between the couples regarding their living arrangements, financial arrangements, and obligations. It allows the couple to have the same vision regarding the relationship and allows them to plan for any disputes.
Second, the agreement can benefit the couple in avoiding future disputes by addressing how the couple will deal with finances in their relationship. The agreement can specify how the partners’ costs, such as rent, utilities, and home bills, would be split. It creates explicit boundaries to avoid financial conflicts.
Furthermore, the agreement provides customization and flexibility for each partner’s specific needs and preferences. This flexibility ensures that the agreement is fair and suitable for both partners. Additionally, it can address how debts and outstanding liabilities will be handled. It can prevent both parties from being held responsible for debts they did not contribute to or agreed to. Another advantage of the agreement is that it can allow cohabitating couples to make medical decisions for each other in the event of incapacity.
Cohabitation agreements can also guarantee that personal financial facts are kept private, protecting the couple’s financial privacy and avoiding needless exposure. They can also include details about how assets should be divided in case of one partner’s death, allowing the families to respectfully grieve through the loss.
Moreover, each party can collectively agree to protect each other’s assets and vow to keep them separate. The parties are responsible for abiding by the provisions they set in their respective contracts. The agreements can highlight what financial obligations would be considered shared and what financial obligations would be considered separate. Lastly, you can create a timeline if needed and decide on what conditions the agreement is terminated. This can also help the couple to plan better and realistically understand their circumstances.
When Do I Need to Contact a Lawyer?
Couples are increasingly deciding to live together without being tied to a marriage. However, many are not contemplating the legal issues that may arise once they decide to separate. Without a cohabitation agreement, many matters will be unresolved and cause friction in the relationship.
Drafting a cohabitation agreement allows you and your partner to have similar views and expectations regarding your relationship. If you are facing any issues regarding this matter, you can reach out to a local contract lawyer to assist you. LegalMatch can help you find the ideal family law attorney for your needs.
