Many people think that whilst living together you are entitled to the same rights as a married couple. However, this is not the case. If you are not married and you do not have a cohabitation agreement you have very little protection if you were to separate. Therefore, by putting a co-habitation agreement in place it helps both you and your partner.
A cohabitation agreement is a legal document between unmarried couples who are living together. It sets out finances, properties and child arrangements and can cover issues relating to any unforeseen circumstances.
To get a cohabitation agreement the couple must be living together for 2 or more years. It is not only applicable for couples but also people who are living together platonically.
A solicitor will be able to help you with the cohabitation agreement. The cost of the agreement varies, and it would be best to speak to a solicitor for a consultation.
Before you begin a cohabitation agreement you and your partner must look your personal assets and discuss how you want to divide them. This can include properties, investments, pensions and savings.
The agreement can include:
· How they pay rent, mortgage and household bills
· Finances such as joint banks or pensions
· Property and assets owned before or while living together
· Arrangements for children
· Pets
· Next of kin rights
When the agreement is being made you must ensure that certain criteria are met so that the agreement is valid. One main formality is that both partners in the agreement must enter freely and voluntarily.
Additionally, the cohabitation agreement must be kept up to date if there are major life changes after the agreement is made.
Furthermore, you and your partner need to prove that cohabitation is taking place. Evidence such as joint leases or joint bills can show existence of cohabitation.
There are many advantages to cohabitation. One main advantage is that your able to learn more about each other, and decide if marriage is an option. Additionally, it helps plan your future in case there are any unforeseen circumstances that can affect you or your partner. Furthermore, you are able to leave a cohabitation agreement if you and your partner both agree to it.
