Cohabitation Agreement is a contract made for couples who plan to live together or are planning to live together but are not married. The agreement contains a document for a couple who wants to live together to avoid and manage unnecessary cost. Through the agreement, they can regulate all their property rights and mutual financial supports.
Cohabitation Agreement vs Prenuptial Agreement
The agreement is the same as a prenuptial agreement, where couples willing to get married and are concerned in advance about their property and who will keep the assets which they have jointly purchased. The prenuptial agreement solicitors help the couple with the agreement in the event of the marriage ending in divorce.
The difference between marriage agreements and cohabitation agreements is that people who sign a cohabitation agreement are not married or may not intend to get married. A married couple is legally married but an unmarried couple will become spouse under two circumstances under family act law that is if they’ve lived together in a marriage-like relationship for two years or more, or they’ve lived together in a marriage-like relationship for a shorter period but have a child together.
Under these circumstances, the laws about the division of property and debit or spouse support are the same as a married couple. There are certain situations, under which an unmarried couple may or may not become a spouse.
If you are not sure about whether you would be a spouse for the purposes, it is a good idea to get legal advice through cohabitation agreement solicitors about this issue as part of deciding whether you need an agreement.
A cohabitation agreement is more flexible and is not as regulated as a marital agreement. Couples typically includes the following points:
1. Distribution of property in case of death or breakup.
2. Financial support during or after the relationship.
3. Payment of debts during the relationship.
4. Division of the principal residence upon breakup or death of one partner.
5. Creating joint tenant agreement with rights of survivorship, allowing the other partner to own the shared.
6. Decide on support, custody, or visitation rights for children, although the court can disagree and decide based on what’s in the best interest of children.
Whether you are planning to live together or are already living in a marriage-like relationship, it is good to seek legal advice before entering into cohabitation agreements. At Cranbrook Legal, we have experienced solicitors who can provide information, legal assistance, advice and practical tips to help you prepare your case and improve your outcome. They can even assist you with Private Life Visa UK as well.