Do I need a cohabitation agreement?
The quick answer is “Yes you do”!
Despite popular belief the ‘common law marriage’ does not exist and hasn’t done for centuries, the reality is that couples that live together do not have the same legal rights as married couples.
A cohabitation agreement (also known as a relationship or living together agreement) records the arrangements between the people who live together.
Cohabitation agreements are legally binding between couples. They can help to clarify how you intend to manage your finances whilst you live together and provide certainty in property division upon the breakdown of the relationship. A written agreement can avoid a great deal of unpleasantness and cost by avoiding arguments in the first place.
Cohabitation agreements generally cover:
• The ownership of property
• The ownership of personal belongings and furniture
• Who will contribute to finances, mortgage/rent, household expenses etc
• How to resolve ownership of joint accounts
• They may also cover parental responsibility including financial provision for any children
Cohabitation agreements eliminate the potential for disputes and the substantial financial and emotional costs that litigation incurs. Agreeing who owns what and documenting it, removes any issue so people can have the certainty and reassurance they need.
We work with family law experts Mills & Reeve to provide excellent support in all aspects of Family Law.
