Understanding Cohabitation Agreements
Cohabitation agreements, often referred to as “cohabitation contracts” or “living together agreements,” are legal documents that outline the financial and practical aspects of a couple’s life together. These agreements are designed to address various important matters:
Property Ownership
A cohabitation agreement clarifies the ownership of shared assets, including property, vehicles, and personal belongings.
Financial Responsibilities
It defines financial contributions, including bills, rent or mortgage payments, and other shared expenses.
Debt Management
The agreement outlines how existing debts, loans, or financial obligations will be handled during the relationship and in case of a separation.
Children and Parental Rights
If the couple has children, the agreement can address child custody, visitation, and support arrangements.
Termination of Cohabitation
It establishes the procedures and financial arrangements should the couple decide to separate or end their cohabitation.