Cohabitation agreements exist to benefit two parties who are not married but are residing together, combining finances, and sharing property. Cohabitation agreements allow New Haven couples to set expectations and terms to protect themselves and their respective property and finances in the event that they separate in the future.
If you are considering signing a cohabitation agreement with your partner, you should seek to retain skilled legal counsel to help you navigate the process.
Couples typically enter into cohabitation agreements when they are considering purchasing or leasing property together, investing, or combining their finances. The agreement sets forth each party’s respective rights to use the property, describes how expenses are going to be managed, and delegates other assets and liabilities for each individual.
Although most couples do not want to consider and prepare for a potential separation, it is important to have safeguards in place to protect the rights of each individual.
Couples do have the option to go to a mediator to draft their agreements, and there is no requirement that they be represented by counsel. However, having a qualified attorney is useful to help ensure the contract is enforceable by law, and that its terms are fair and consistent.
The absence of laws applicable to separating couples who are not legally married puts individuals at risk of losing their assets. For example, if the couple bought or leased property when they were together and they do not have a cohabitation agreement in place, there is no way to resolve the issue of their combined finances and living situation. Further, if the separating parties own a property together and only one party wants to sell, not having an agreement in place may harm both parties. In such cases, the only recourse the two parties would have is to go through civil court. However, because they do not have an underlying contract, it can be difficult to determine each person’s respective rights and obligations. Not to mention that there would be no basis to seek or recoup sums spent for legal representation.
A myriad of issues may arise if there is no cohabitation agreement in place, so it is crucial to understand the implications before moving forward with combining finances and residences in New Haven. Fortunately, an attorney experienced in this area can help avoid these issues and ensure an individual’s rights are protected.
Before investing in property and other assets with your partner, it is important to consider and understand the potential risks of proceeding without having a contract in place. Having a cohabitation agreement can help you both to have proper expectations in dividing your assets and uphold your rights in the event that the relationship ends.
An attorney at the firm has your best interests in mind and can aid you in securing your future. Call a qualified New Haven attorney who has experience and knowledge of cohabitation agreements today to get started.