Marriage is a legal contract between two people and, for people who do not want this option, cohabitation agreements exist. Unmarried couples need the same option to be able to create a contract amongst themselves that will define rights and obligations that each partner owes to one another. These contracts help you understand one another and are very valid in doing so.
Is an Agreement for You?
Not every relationship out there needs a contract. If you are dating somebody, you don’t usually force them to sign a contract detailing everything you expect from that party. However, if you are living together with somebody and you are planning on being in a long-term relationship, a living together contract may be the best idea. This is especially true in relationships where significant amounts of money, property, and debt are expected to be shared between the two of you. These agreements are great for defining rights, obligations, and property in any type of close relationship.
Requirements in Cohabitation Agreements
For these agreements to be valid through the court, it is typically required that you put them in writing and have both parties sign them. If you meet the requirements for your agreement, it should be considered valid and should never be denied in the eyes of the court. Couples will usually choose to include some of the following elements:
- Distribution of property
- Payment of debts
- Financial support during the relationship
- Support, custody, and visitation rights of involved children
- Determination of health insurance responsibility
If you decide to follow through with a cohabitation agreement, you may also include things like monthly expenses, which can cover anything from utilities, to rent, to various types of insurance and debt payments. You can also add up your total expenses in a way that lays them out perfectly for both you, the other party, and a judge to see if it comes to that in the future. Having a cohabitation agreement can protect you and your assets in many cases, so it is a good idea to consider one if you plan on living with another party. Call us today for more information on how we can help you draft your agreement.