If you plan to live with a partner, and your relationship is romantic, rather than a roommate arrangement, then it may be best to create a cohabitation agreement. Many people wrongfully assume that because they are not married, there are no shared assets and do not need to worry about commitment. Yet the fact is that even non-married partners can get into serious custody battles or property division arguments if a break-up occurs in the future.
A family lawyer can help you to create a cohabitation agreement that will be honored by the courts and can serve as a precaution in case you decide to part ways in the future. Typically, a cohabitation agreement begins when both cohabitants state their intention to live together at a particular address starting on a particular day.
The cohabitants can then establish their respective rights and responsibilities regarding each other's property and income. The cohabitation agreement can even deal with income that is acquired separately and funds that are acquired jointly. Cohabitants that establish their cohabitation as a non-marital relationship will waive the rights to each other's estates upon their death, and will waive the rights to support or maintenance in the event of a breakup.
As well, a cohabitation agreement can establish that both partners do not plan to share in the pension, profit sharing, or other retirement accounts. Partners can also waive the right to division of property in the future, and to any other claims that are based on the period of cohabitation of the parties. In some states, cohabiting partners can change their status into a marriage using the common-law marriage procedures in the state. This is a marriage that will be officially recognized by the court even though the couple never had a formal ceremony with vows and the celebration.
In a cohabitation agreement, partners can also waive the right to a common law marriage if they so choose to do so. The agreement will then require each cohabitant to list how much of the rent or mortgage they will be paying, and how much they will be paying for utilities. In most circumstances, cohabitants will want to evenly split these costs in order to avoid arguments. Cohabitants will also need to determine any split costs for insurance or debts such as home equity loans, credit card debt, or car payments.
Cohabitants should also establish who is paying for gasoline in the cars, who will cover parking and commuting, who will cover vehicle maintenance and who will cover the costs of maintaining a driver's license. Partners will also need to divide expenses for food including restaurant costs, take-out food and groceries. To be even more specific, cohabitants can also divide the costs for cleaning supplies and services, yard maintenance, home improvements, furnishings in the home, and any additional household costs.
By dividing all expenses in detail, this will help cohabitants to avoid arguments in the future at the time of a breakup. Oftentimes, if you and your partner don't foresee a long-term future together, it is best to avoid getting caught up in permanent arrangements. For example it may be best for partners to rent a property so that it will be easy to arrange situations when leaving. Also, individuals should keep separate bank accounts and keep track of their expenses in order to avoid any arguments in the future.
Keep all receipts from your purchases and make notes of anything significant. According to the Supreme Court, unmarried couples have the right to enter into written and oral contacts that cover the rights associated with marriages, and unmarried couples can also create implied nonmarital agreements without ever writing down or expressly speaking about their agreements. If you want more information about cohabitation agreements then you can contact a local lawyer for more information!