A cohabitation agreement is a legally binding document that can be sought by couple who are living together but who are not married. There are a variety of legal processes available to married couples, or to couples intending to be married. For example there are prenuptial agreements, separation agreements and divorce settlement agreements.
Cohabiting couples are becoming more common in today's society, and they are staying together for longer periods of time. It is therefore becoming increasingly common for such couples to seek some form of legal security in their relationship, to provision for the division of joint assets etc. in the event of a split. Cohabitation agreements are designed to ensure that the assets and responsibilities of a cohabiting couple are clarified in the event of a future split.
If you decide to attain a cohabitiaton agreement, it is important that both parties have independent legal advisors. It is also important that your agreement be drafted by experienced professionals such as our lawyers, who will be happy to help you for a very low fee.
Some of the key issues that are negotiated during the drafting of a cohabitation agreement include the division of property if the couple break up. Such an agreement also affords legal protection to the ownership rights of either party if their partner should pass away. Other day to day issues such as contribution towards living expenses and bills can also be included in this contract. The reponsibilities of both parties towards any children that may be born to either member of the couple are usually negotiated and incorporated into a cohabitation agreement also.
Although most cohabitation agreements determine the rights and entitlements of both parties in the event of a split, it is also important that these issues be considered in the event of a marriage. Whether the decisions and contracts that were agreed as part of a cohabitation agreement will carry over into the marriage is an issue that should be negotiated during the formation of the agreement. It is for this any many other reasons that it is a decided advantage to retain our experienced low cost lawyers in New York, who will work to get the most advantageous agreement for you.