More people are living together without marriage. This concept is convenient for many individuals worldwide but may generate complications if they split and share property, a company, or complex assets.
Fortunately, there are choices for those who want to live together in “marriage-like” arrangements yet have legal authority over their finances and property with a separation. Common-law spouses can draft cohabitation agreements. A separation agreement may help you and your spouse legally share your assets.
Understanding a cohabitation agreement
If married spouses divorce, they are expected to distribute half of any assets or obligations accumulated throughout the partnership. A cohabitation agreement is a voluntary legal document that governs assets, obligations, and duties during and after the partnership. It provides a clear, customized financial foundation for the couple.
Unmarried couples benefit from cohabitation agreements, which are like prenuptial agreements. This arrangement, like a prenup, confirms couples’ relationship and protects their assets and responsibilities. It helps couples precisely define their assets and how to distribute newly acquired assets if the partnership ends.
Here are some reasons people use cohabitation agreements:
- You and your partner want to safeguard your separate properties.
- You have joint property ownership with your spouse.
- You co-own a company, or each of you owns one.
- You cohabitate and have children.
- One or both of you have valuable possessions to safeguard.
- One or both of you anticipate accumulating considerable assets.
A cohabitation agreement may enhance your relationship if these scenarios apply to you and your spouse. An expert of family law may sign a contract when spouses are cohabitating.
When would you need a cohabitation agreement?
A cohabitation agreement can be handy when you as well as your spouse are sharing the same residence, having kids, and are together permanently. In an interdependent relationship, you have or will live with your spouse for at least three years. You and your partner agreed to be “adult interdependent partners.”
Interdependence, a common-law relationship, allows two emotionally attached individuals to share lives and work economically and domestically, giving them similar legal rights and duties. In an adult interdependent relationship, a family law lawyer may assist you determine whether cohabitation is right for you.
Benefits of a family law counsel for cohabitation agreements
An expert family attorney in Fort Lauderdale, FL, may provide several advantages. As with divorces, battles over money and property after a relationship may be acrimonious and challenging. This is one reason a well-planned cohabitation agreement is important. When contemplating a cohabitation agreement, contacting a lawyer has the following benefits:
- Validity
Cohabitation agreements can be invalid for various reasons and according to provincial laws. Both parties must consult legal counsel before signing to ensure legality, as even minor mistakes can invalidate the agreement.
- Consider whether it’s right for you
An expert lawyer can help determine whether a cohabitation arrangement is best for you. Cohabiting couples with significant properties or children should consider them. Find out whether it’s right for you by talking to a family law attorney.
- Understanding its limits
A skilled lawyer can guide cohabitation agreements, ensuring they address child custody and property division and prevent future issues for non-married couples.
Self-drafting a cohabitation agreement might be risky and cause issues. Skilled and caring family law attorneys in Fort Lauderdale, FL, have helped hundreds of couples construct legally enforceable cohabitation arrangements that work for them.
