The Value of A Cohabitation Agreement
When two people decide to live together, they assume a lot of risk, even if they don’t realize it. Many individuals think that because they live together they are taking on less risk. This couldn’t be further from the truth. While people that are married have built-in protections, those that live together don’t. If they decide to split from one another, there are no legal rules in place regarding who gets what. They are essentially at the mercy and hopefully the kindness of the other person in the relationships. Sometimes neither exists, especially when the breakup is a bad one. A cohabitation agreement can help greatly in this regard.
A cohabitation agreement is basically a contract. It details, which person will get what if the relationship comes to an end. It will likely cover the division of assets purchased together. Depending on if the couple wants it to, it could also include how the household expenses are to be divvied up. Each of these things can be very helpful. One of the biggest things that couples fight about (whether married or not), when living together is money. When it isn’t sorted out, problems can arise and they often do. When two people are proactive in figuring this out, they can focus on the relationship. If things don’t end up working out, the break up can go so much smoother.
It is very easy to set up an agreement of this type. It merely involves contacting an attorney who specializes in this area. They will be able to sit down with an individual, find out what the person wants and then draw up a contract to ensure that they get it. Both people in the relationship will need to have representation. If everyone feels comfortable, they can hammer everything out, together, in the same room. Depending on the relationship and what each person wants, it may be easier to do it this way.
Living together isn’t necessarily easy even though some people assume that it will be. This assumption is often made because there is the perception that those who only live together have no legal ties and thus, if the couple decides to split, they can so without much hassle. This is a lie. In addition to having normal relationship problems, people who cohabitate will potentially have further problems upon breaking up, especially as it concerns the division of assets. It would become necessary to figure out a fair division of assets which can be difficult once people begin having problems or after they break-up. A cohabitation agreement can make things much easier.
We at Living Together London are UK based company offering cohabitation lawyer services, cohabitation agreement services.
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