While marriage is an option, even a preference, for many people, there are also a growing number of couples who would much rather cohabitate than worry about dealing with the process and commitments that comes along with the marriage union. For many, they want to protect their personal property and bank accounts, for others they feel that love doesn't need to be expressed through a contract. Whatever the reason may be for you, if you are considering living with another person who is not your spouse, you can still establish similar arrangements that will help protect your overall rights as a couple.
Cohabitation is essentially when two people who are in a relationship choose to live with one another even though they are not married. Whether you are intending on marrying one day in the future, or you like things the way they are, consider contact a family attorney in your area to establish a cohabitation agreement between you and your partner. These legal documents will address topics such as your interests, investments, assets, debt, etc. In order to protect your partner from being responsible to what you bring into the relationship. That way, in the event you two decide to stop being a couple, you will have a legal basis to go off of. In most cases, couples who are outside of the protective bonds of a legal marriage institution will experience unwanted conflicts later down the road over matters of assets and property.
There are a number of ways that your cohabitation agreement can be drafted and this includes addressing your "living together" or "non-marital" contract. Whether people realize it or not, the institution of marriage, though a social commitment, is also a legally binding contract. When a person says "I do" they are essentially agreeing to the terms that "what is mine is now yours" unless otherwise specified in a contract like a prenuptial agreement. So, when two people live together but don't have the protection of a legal marriage contract, this is a wise option. You will want to sit down with your attorney and together address the many rights and obligations that each partner will have.
In reality, this contract mirrors the purpose of a prenuptial agreement established with two people who plan to get married. Here you will list out how your property will be handled when you two break up, and you will also discuss money matters, including your assets and your liabilities. While you may be madly in love with your partner, and you feel that asking for this agreement is extremely unromantic, remember that this is a way to protect not only your future but also theirs, in case anything were to happen between the two of you.
In a living together contract, there are a few specific aspects that will need to be clearly defined. This first includes addressing the property accumulated during the time of your relationship. For example, say you were sharing rent on an apartment, and then you each received raises at your job and decided to invest in a home together. Even though you are not married you guys still share the rights to the property, and you will want to clearly define how this will be handled if your relationship ends. It will also address any inheritance or gifts that either of you have received either before or during your relationship. These are considered to be separate property in marriage and in a living together contract as well, though writing this out is a good way to verify these rights to that property.
Another aspect that will be addressed is any other property that you had from another relationship. In the contract you will discuss that this property is separate and essentially anything you acquired before your relationship is considered to be separate. Within this contract it is also important to clearly define how you and your partner plan on paying for your expenses, so that one of you is not left out to dry in the event of a terrible situation. Whether you two decide to split all payments equally, or one has committed to paying more because of their larger income, it is important to list these out. Next, though it may be bleak to address, having a cohabitation agreement in the event that you or your partner dies will help protect your property as well. You will want to make sure you have a plan for your property and money in the event of a future death.
Contact a family attorney in your area today for more information!