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This can only be done when the couple has a valid cohabitation agreement signed and notarized. For instance, if one partner has leased a car without any financial help from the other partner, he is solely owner of the car and will be responsible to make installments or lease payments. A cohabitation agreement is a legal document that can be used in case the matter goes to civil court and both partners end up against each other in the court. So there should be a legal document signed that helps them divide assets and liabilities in case of separation. Maybe the couple also has a joint bank account or joint lease of a car. Couples of who live together aren’t business partners or just roommates but they are romantically involved which means there will be purchases and credits to their names. Even if you are madly in love with each other but not married, what will happen in case one of you dies? A cohabitation agreement is signed to protect rights of each partner in the living together situation. First of all, as a couple, you need to understand that only time will decide if you stay together or split up. Importance of Cohabitation Agreement:Ĭouples who decide to live together don’t have the legal obligation of signing any contract but it’s highly recommended. This legal document is commonly referred to as a cohabitation agreement. Then there is the possibility of having a child outside of marriage and if the couple decides to split, there should be a legal document explaining the custody of the child. property or a car or when they have avail credit or mortgage while living together.
This becomes more important when they purchase something together i.e. In the time when majority of married couples is filing for divorce and the divorce rates have never been this high, it’s important for the unmarried couples to safeguard their rights and obligations in case of separation. Unmarried couples who live together always have the possibility of splitting up in the future.
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Download these 32+ Free Cohabitation Agreement Templates in MS Word format to help you prepare your own Legal Agreement quickly and effectively.
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