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If a couple isn’t married or doesn’t wish to get married, they may sign a cohabitation agreement that protects certain assets and interests throughout the life of the relationship. Many couples tend to share homes and other property. The cohabitation agreement outlines what belongs to who and what should be done with specific assets if the relationship would terminate.
If you need to have a cohabitation agreement created, an experienced Duluth family law lawyer can help you. What your attorney will do for you is draft the agreement based on your unique situation so that the two of you have something in place that protects you both in the event the relationship would end.
Cohabitation agreements are not only for those who have a significant amount of assets or a lot of money. Individuals of all income levels can benefit from cohabitation agreements. Here are some instances of when one is necessary:
When having your cohabitation agreement created, you can specify what you wish to occur to specific assets, especially those that you have purchased jointly or will purchase. Your Duluth family law attorney will work with you in making the agreement as solid as possible so that you can enforce it if you need to. This will make matters much easier for both of you and any children that you may share.
In the case of same-sex couples, some tend to have some type of written agreement with a cohabitation agreement being the most common. They do this to stop issues before they can become issues. However, the new same-sex marriage law may reduce the number of cohabitation agreements in favor of pre-nuptial and post-nuptial agreements when it comes to the division of assets and other such matters. The exact document that is needed depends on the individual situation.
If you have a domestic partner, it is recommended that the two of you sign a cohabitation agreement. This agreement will address such issues as division of property if the relationship would come to an end. If you need to establish a cohabitation agreement to protect your interests, contact the Benjamin Kaasa Law Office, PLLC at 218-464-3397 to arrange a consultation.