Cohabitation Agreement Free Form: Why You Need It and How to Create One
Cohabitation, or living together with a romantic partner, has become increasingly popular over the years. However, unlike marriage, cohabitation isn`t legally recognized. This means that if the couple decides to dissolve their living arrangements, they don`t have the same legal protections as married couples. This is where a cohabitation agreement comes in.
What is a Cohabitation Agreement?
A cohabitation agreement is a legal document signed by both parties that outlines the terms of their living arrangements. It`s similar to a prenuptial agreement but for couples who are not married. The purpose of a cohabitation agreement is to establish a legal framework for the couple`s relationship and protect each person`s assets and interests in case of a separation or break-up.
Why Do You Need a Cohabitation Agreement?
A cohabitation agreement is essential for protecting your assets and interests in the event of a separation or break-up. Without an agreement, the laws in your state will determine how your assets are divided, which may not align with your wishes. A cohabitation agreement can also outline important financial responsibilities, such as who pays for rent, utilities, and other household expenses.
How to Create a Cohabitation Agreement Free Form?
Creating a cohabitation agreement doesn`t have to be complicated. Here`s a simple free form to get you started:
1. Begin by drafting a statement of intent. This should outline the couple`s intention to live together and the purpose of the cohabitation agreement.
2. List the assets and debts of each party. This should include all assets, such as bank accounts, investments, and property, as well as any debts, such as credit card balances or student loans.
3. Define financial responsibilities. This should include who is responsible for paying for rent, utilities, groceries, and other household expenses.
4. Outline the division of assets in case of a separation or break-up. This should detail how assets will be divided, including any property or assets acquired during the relationship.
5. Include any other important provisions. This may include terms for resolving disputes, the use of joint bank accounts, or any other agreements the couple wishes to make.
6. Sign and date the agreement in the presence of a notary public.
In conclusion, a cohabitation agreement is an essential tool for protecting the interests and assets of both parties in a cohabiting relationship. With a simple free form, you can create a legal framework for your living arrangements and ensure that your wishes are respected in case of a separation or break-up.