Though a cohabiting relationship may start on a pleasant note, it may end up at a bitter one. The separation due to mutual willingness or death may prove devastating and lead to disputes, sufferings and complete turmoil. The expert solicitors in St Albans advise cohabiting couples to enter a well-drafted cohabitation agreement to avoid distasteful conclusions.
In simple words, a cohabitation agreement outlines financial arrangements between the individuals who plan to live together without marrying or entering a civil partnership. Let’s elaborate on how to add meaning to one such agreement.
When to Sign a Cohabiting Agreement?
The short answer to this question is as soon as you enter a cohabiting alliance. However, it is never too late to sign one. Even after being together for years, you may think about it if you still have no plan to marry.
Importance of Independent Legal Advice
A cohabitation contract is not a legally binding entity. A court would uphold it only if it proves that the individuals in the relationship signed it after completely understanding its conditions. For this, it is necessary that each partner seeks a piece of independent advice from recognized legal services in St Albans. In other words, this part of the process confirms that the contract is fair to every party entering the agreement.
What to Include?
The agreement should include two important things. First – how the assets and other financial arrangements are managed during the cohabitation period. Second – how the same would be divided/shared/managed once the relationship ends. The answers to these questions should be in regard to:
- Properties, both owned individually and jointly
- Bank accounts
- Insurance policies
- Debts
Vehicles and other valuables
In addition, the agreement must also include financial arrangements for children and other family members as well as pets.
Reviewing the Agreement
Many people consider it insignificant, but reviewing and modifying a cohabitation agreement is a wise thing to do. For instance, you can add clauses if the relationship bears children. In another instance, the agreement may call for modification if one partner acquires a permanent disability.
By following these tips, you can easily resolve post-separation disputes like asset ownership, maintenance, debt-sharing and more. So, take enough time to consult an expert in this direction and give your relationship an exciting beginning with no room for future agony.
Blog Source: https://www.cleansway.com/blog/how-to-make-the-best-out-of-a-cohabitation-agreement
