Cohabitation agreement work
Cohabitation has become highly common as a mode of family arrangement in most parts of the world. It has been essentially deemed a relationship established between two adults living together without formally or informally married or having the desire to tie the nuptial knot. In case, you ponder on the need to enter into a cohabitation agreement, you would come across a wide number of reasons. It would be in their best interest to enter into a cohabitation agreement. Some of the reasons would be their inability to get married in a legally recognized ceremony or they are of a similar sex. Nonetheless, their relationship has been of such a character that they would look forward to being recognized as a couple in the eyes of law.
Cohabitation different from common legal marriage
It would be imperative that you understand about cohabitation is an entirely different scenario as compared to common legal marriage or for that matter, traditional marriage. It would be pertinent that the cohabitation contract should state that the couple does not look forward to getting married and denies such a relationship. During the earlier times, there was no recognition of any marriage private contract. However, in the present times, several states have accepted the formation of relationships like private marriages without being registered with state authority. Several states consider it sufficient to sign a cohabitation agreement or contract to provide evidence for the informal marriage-like relationship. If you want to find out more click here on what Lakes Mediation will do for you!
Need for a cohabitation agreement
Several states still have traditional attitudes whereby couples living in an intimate relationship without getting married have been deemed immoral. However, the cohabitation agreement signed by both parties would help them achieve legal recognition to live in a relationship without actually getting married. There have been several instances where mother applied for custody of her children from previous marriage, whereby the courts gave the verdict that her act of living in informal relationship with another person, who is not the biological father of the children would be adequate proof to justify that her moral character is not sufficient to grant custody of her children to her.
The need for cohabitation agreement arises in the event of couples determining what happens to their assets when they look forward to separation. They would not be given equal rights as in the scenario of married couples. The cohabitation agreement would provide the necessary details of the assets of the couple. It would be inclusive of properties owned, shares and stocks, back accounts held, individual’s savings and chattels held. It would further provide you a valuation for percentage shares that the respective partners hold of the respective asset. It would be prudent for the couple to produce a statement revealing their independent financial scenario at the beginning of the agreement.
For how long do you want the agreement to last?
It would help couples in producing a base for deciding whether they would deal with any kind of debts post-separation. It would also be deemed of great importance to indicate how long you would like to continue with a cohabitation agreement. The document should specifically mention an expiry date. It would be imperative that it has been renewed and updated as and when deemed fit.