A cohabitation agreement, also known as a non-marital agreement, is a legal process that secures the rights of two unmarried people living together. This process is used by people who live together to avoid conflicts over leases, debts, property, and assets. It is essential to hire an experienced cohabitation agreement lawyer in order to draft a contract.
What is Included in a Cohabitation Agreement?
Cohabitation agreements can be custom-made, and both parties can include their terms and conditions in the agreement before signing the contract and moving in together. This gives them complete control over their rights. Following are some of the terms that can be added to the agreement.
Previously Owned Property
Each party can choose what property or assets they will bring into their relationship. The assets include furniture, cars, bank accounts, etc.
Debts
Each party is obligated to clearly state what kind of previously incurred debt they had before moving in together.
What Happens if they Breakup
Both parties mutually decide in the agreement who gets to stay and who gets to leave the house in case they decide to terminate the relationship.
Expenses
The agreement also contains all the details about how the bills, expenses, and utilities will be divided among the couple.
Rent and Mortgage
This includes the contribution in rent and mortgage depending on the incomes of the couple. It should be determined who will pay the mortgage or who will pay the lease, or if both or only one person’s name will go on the lease.
Children
If two unmarried people own a child and they are living together, the custody and visitation agreements are clearly mentioned in the agreement. But, in the case of separation, issues of child custody and support need to be settled in court.
For more information on separation lawyers, visit JMS Laws.
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