Modern society has gone too far from what it was several decades back. It has loosened its grip up a touch on some of the most important issues like marriage, dating, and standards. We live in a society where couples are somewhat still expected to uphold the traditional norms. Some couples live apart while some couples live together, or as they call it, cohabitation.You may also see Basic Agreement Templates.
Cohabitation has been a normal setup among couples in the Western and Eastern part of the world. Couples rent a house and live together for the duration of their relationship. They act like they’re married but they may have no intentions of marrying each other in the future. One reason is that the couple does not want to undergo the legal processes of divorce should they decide to get married. It costs a lot of money and hassle to both parties. You may also see Sample Agreement Templates
Cohabiting couples do not have the same protection and rights as married couples. Breaking up will put their properties and each other at risk. One might get nothing than the other. By law, there are a few things cohabiting couples can get in the case of a breakup. One of these is the cohabitation agreement.
A cohabitation agreement is a written contract where couples, whether of the same or different sexes, decide how to divide the properties and other things in case they decide to end their relationship. This agreement will save them from future costs to pay when their relationship gets over. This is also a way to safeguard their individual properties and the rights to keep after the breakup. You may also see Arbitration Agreement Templates
Cohabitation agreement covers a number of topics. It is important for them to go into this for these reasons:
1. Division of property
Couples have joint properties during their relationship. It does not matter how big or small the properties are. Couples should get their fair share in the end. If couples don’t get their share, this will result in more legal proceedings that will cost them a lot of money. You may also see Acquisition Agreement Templates.
2. Joint purchases
Couples often buy things together for their own use while in a relationship. In case they separate, the cohabitation agreement will divide the purchases of the couple. This is also the same for loans and other matters. This will cover who will pay the remaining balance and who should pay for other purchases. You may also see Employment Agreement Templates
The cohabitation agreement also covers the topic of death. In case one of the partners dies, the one left behind will get a designated amount of property from his or her partner. It serves as a compensation for the bereaved loved one. You may also see Investment Agreement Template.
4. Child support
One of the reasons why couples who have children need to sign a cohabitation agreement is for child support. They are not legally bound by law as husband and wife so when they separate, they will determine who supports the child. The custody of the child comes along with that. This aspect of the agreement will also determine the monetary amount of child support one gives to the other for the child. You may also see Agreement Templates
Cohabitation agreement only ensures the welfare of both parties while in their relationship until the moment it ends. This leaves them getting what they should get in the end. You may also like Divorce Agreement Templates.