A cohabitation agreement is a legal document entered into by unmarried couples who are living together or planning to live together. It outlines various rights and obligations of each partner during the relationship and in the event of separation or the death of one partner. These agreements typically cover matters such as:
- Property ownership and division of assets acquired during the relationship.
- Financial responsibilities and contributions during the relationship, such as mortgage and utilities.
- Rights to assets and property in the event of separation or death.
- Arrangements for any children of the relationship, including custody and financial support.
- Decision-making processes during the relationship.
- Dispute resolution procedures in case disagreements arise.
Cohabitation agreements help provide clarity and certainty for both partners and can be particularly important in jurisdictions where the legal rights of unmarried couples are not automatically recognized to the same extent as those of married couples. Ultimately, the purpose of the agreement is that it evidences a cohabiting parties’ common intention of the above to hopefully prevent the need to issue expensive court proceedings in the future.