What is a Cohabitation Agreement?
A cohabitation agreement can deal with a variety of issues, and can regulate the cohabiting couples’ finances i.e. what would happen to property, household contents, joint savings, in the event of their separation.
One of the main aims of entering into a cohabitation agreement is to deal with the parties’ interests in the property they will be calling their family home. For instance, if one party already owns a home, which is held in their sole name and they intend to continue meeting all the household payments without contribution from their partner, they may wish to protect their asset by entering into a cohabitation agreement. The agreement would stipulate that the partner moving into the property would not derive any beneficial interest in it by virtue of him/her living there. Having this kind of agreement in place could avoid lengthy court proceedings should a dispute arise following a separation.
Many people suggest that a cohabitation agreement is far from romantic, and something that people do not wish to consider when taking their next step in the relationship. However, being open and honest with your partner from the outset will hopefully promote positive communication and transparency. If you wish to enter into a cohabitation agreement, or your partner has suggested they would like to enter into one, then do ensure you take legal advice; this is of course something I can assist with, so get in touch!