Cohabitation Property Agreement Template

Cohabitation Property Agreement Template: What It Is and Why You Need One

Cohabitation is on the rise as more and more couples choose to live together before getting married. While cohabitation can be a great way to test your compatibility and build a strong foundation for your future, it’s important to remember that living together doesn’t have the same legal protections as marriage.

This is where a cohabitation property agreement comes in. A cohabitation property agreement is a legal document that spells out the rights and responsibilities of each partner when it comes to property and finances. It can cover everything from who owns what to how you’ll split expenses and assets in the event of a breakup.

Why You Need a Cohabitation Property Agreement

If you’re living with your partner but not married, you may think that the legal protections that come with marriage don’t apply to you. However, this isn’t necessarily true. While the laws around cohabitation can vary from state to state, there are some general principles that apply in most cases.

For example, if you and your partner buy a house together but only one of you is on the deed, the other person may have no legal claim to the property if you break up. Similarly, if one of you has a lot of debt and gets sued, the other person’s assets could be at risk if you don’t have a cohabitation property agreement in place.

In short, a cohabitation property agreement can help protect both partners’ interests in the event of a breakup or other legal issues. It can also help you avoid misunderstandings and arguments by setting clear expectations upfront.

What Should Be Included in a Cohabitation Property Agreement?

Every cohabitation property agreement will be different depending on the specific needs and circumstances of each couple. However, there are some key things that should be included in almost every agreement:

1. Property Ownership: This section should spell out who owns what property, and how ownership will be divided if you break up. It should also cover what happens if one partner contributes more to the purchase or maintenance of property than the other.

2. Finances: This section should outline how you’ll handle joint expenses like rent, utilities, and groceries. It should also cover how you’ll handle individual expenses like credit card bills or car payments.

3. Debts: This section should spell out who is responsible for any debts you each bring into the relationship, as well as how you’ll handle joint debts like a mortgage or car loan.

4. End of Relationship: This section should cover what happens if you break up, including how property will be divided and how you’ll handle any joint debts or expenses.

5. Miscellaneous: This section can cover any other issues that are important to you, such as how you’ll handle pets or how you’ll deal with disputes.

Conclusion

A cohabitation property agreement may not seem like the most romantic thing in the world, but it can be an important tool for protecting both partners’ interests and avoiding misunderstandings. If you’re living with your partner but not married, consider getting a cohabitation property agreement prepared. You’ll thank yourself later if anything goes wrong.