In today’s society, it’s becoming increasingly common for couples to live together before or in place of marriage. Regardless of your marital status, it’s essential to establish clear guidelines to protect your interests in jointly owned property and other aspects of your shared life if the relationship ends. Marriage is a legal contract that provides certain legal protections for property rights and financial obligations. However, unmarried couples may lack such protections, making it essential to consider creating a cohabitation agreement. Please continue reading to learn the benefits of a cohabitation agreement and how a proficient Suffolk County Divorce & Separation Attorney can help protect your rights.
What is a Cohabitation Agreement?
A cohabitation agreement is a legally binding contract between two people living together as unmarried partners. As your life becomes more intertwined, it can be more complicated to resolve issues if there is a breakup or if your partner passes away after living together for many years. This contract is similar to prenuptial agreements. It can be tailored to suit the needs and desires of you and your partners. The agreement can contain provisions regarding:
- The division of assets and debts
- Division of income and expenses
- Management and division of any business or property
- Financial support payments
- Child custody
- What will happen to pets
- Any other relevant factors
As you can see, this contract can cover a variety of topics. While this agreement can cover issues related to child custody, visitation, and support, it’s important to note that a family law court will revise these matters to ensure that the child’s best interests are met.
The contract must be in writing, and both parties must agree voluntarily. In addition, they must meet specific requirements and be fair to both sides, not leaving one partner in a much worse financial position should the relationship end. Before executing a cohabitation agreement, both parties must disclose their income, assets, and liabilities. If one party enters the deal in bad faith, meaning they provide false information, the court will not enforce it. Therefore, if you are considering a cohabitation agreement, it’s in your best interest to consult a knowledgeable attorney before entering the contract to ensure your rights are safeguarded.
Working with an experienced Suffolk County divorce & separation attorney is paramount if you want to protect yourself as an unmarried partner. Our legal team can help ensure your cohabitation agreement is legally valid and enforceable. At The Law Offices of Susan A. Kassel, P.C., we are prepared to help you draft a contract that will provide a solid financial and legal base from which you can build your relationship. Allow our firm to represent your interests today.
