Family, Divorce and Relationships

Cohabitation Agreements

Living together does not give you the same rights as a married couple which potentially leaves both your futures at risk. If the relationship fails, deciding how, and if, property and finances are split can be messy and fraught with stress.

A Cohabitation Agreement, sometimes known as a Living Together Agreement, can protect both your interests and relieve some of the stress should the relationship fail.

Some things to consider when creating a cohabitation agreement are:

Property
Who owned what property at the start of the cohabitation and what should happen to this property and any property acquired during the cohabitation. A trust deed will clarify what you own and what you get in view of a separation. What happens to savings, pensions and endowment polices should also be considered.

Income
If you have a child together and the relationship ends, there is entitlement to childcare maintenance although, if you’re not married, neither side can make a claim for maintenance for themselves. With a  co-habitation agreement you can agree to support each other whatever happens

Debt
Nobody likes to be saddled in debt especially if it is someone else’s. In today’s society where credit is readily available there is a likelihood that one, or both parties, to the cohabitation will have some form of debt. You could make a statement of debt, for consideration, in the event of a relationship breakdown.

Wills
It may not be a relationship breakdown that ends the relationship. You need to consider what will happen if one partner dies. Even in this situation, without a marriage certificate, there is no guarantee that the property you reside in will be left to the surviving partner. This unfortunate situation can be avoided by having a valid will in place ensuring both your future interests are protected.