Moving in together with your partner can be both overwhelming and exciting. Cohabitation is sometimes on the road to marriage, but not exclusively.
If you and your partner are confident, you will not get married soon or ever; you might want to consider a Cohabitation Agreement. Even if you have lived together for a while, it is still highly recommended to enter such an agreement.
The purpose of the Cohabitation Agreement is to protect both partners from potential financial liabilities. If one partner accumulates financial liabilities or debts without regard, the agreement can force them to change the behavior.
The agreement requires full disclosure from both partners of their earnings and property ownership. Another purpose of the Cohabitation Agreement is to ensure that long-term partners are entitled to inheritance just like married couples are. This type of agreement can be an excellent foundation for a successful relationship.
Depending on your state, a Cohabitation Agreement may also be known as:
Couples who intend to live together for a long time might benefit from entering into a Cohabitation Agreement. These couples usually do not have set plans for getting married and are satisfied with cohabitating.
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A Cohabitation Agreement is not an overly complicated document. It needs to contain several vital pieces of information. If you and your partner would not create this agreement on your own, you might find a template useful.
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The Cohabitation Agreement must bear both partners' signatures and signed in front of a notary public to be considered enforceable.
Once the Cohabitation Agreement is signed and notarized, you do not have to file it with any authorities. Distribute a copy to each partner for safekeeping.
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