Often, unmarried couples are unclear about the extent of their legal rights.
If you are planning on living with or are already living with your partner, you may wish to enter into a Cohabitation Agreement to regulate financial matters whilst you are in a relationship.
Our solicitors will help you make informed choices in resolving practical issues resulting from either a relationship breakdown or advising you on wealth protection issues prior to cohabitation.
What is a Cohabitation Agreement?
A cohabitation agreement is a legal agreement between unmarried partners who wish to regulate the terms of their relationship. This can include how you manage your household payments/bills and financial assets.
This could be useful in the event of a break-up, as you will have a record of your intentions at the start of the cohabitation. This may reduce emotional pressures and help you agree on matters fairly and amicably.
More and more, Cohabitation Agreements are being used to provide clarity for unmarried couples wishing to regulate the terms of their relationship. An agreement can provide written evidence of what you intended at the outset, as to your respective ownership of property, and what you each intend to happen in the future.
What can you include in a Cohabitation Agreement?
A Cohabitation Agreement can include agreements on residential property, joint bank accounts, financial assets, children or even pets. You may want to consider some of the following points:
- Respective ownership of any property
- In the event of a break-up, who will continue to live in the household
- Each parties’ contribution to household bills, rent or mortgage
- Outstanding debts, loans or overdrafts (including liabilities)
- Savings or existing bank accounts
- Joint savings that accrue during the relationship
- Life insurance policies
- Ownership of joint items such as cars, furniture or sentimental items
- If you have children, how you will support them financially
- In the event of a break-up, who will care for any pets