A Cohabitation Agreement is a legal arrangement for couples who are planning to live together but do not want to get married or enter into a civil partnership.
This is a smart choice for couples who want to cohabit before committing to marriage. The agreement is highly important and it sets out your rights and responsibilities while in the relationship.
It often includes financial contributions made by each person on household bills, mortgage, and any other assets, and what would happen to those in case the agreement breaks down.
The agreement is valid for couples that live together as cohabitees and are not married. The arrangement helps them understand their rights towards the law. No specific law protects these couples, and, instead, they should have a cohabitation agreement stating their legal position.
Setting an agreement before living together is highly important and will help you have a better understanding of your financial commitments, avoiding misunderstandings about your rights and responsibilities and also makes it easier in case you split up.
This document should contain basic information such as names, address and occupation. Additionally, the agreement must have more complex information such as investment of assets, rights and obligations, separation, children and inheritance and will.
Yes. The agreement is a legal document, legitime by the court which states that it is valid and properly executed, and also signed as a deed. For this reason, it makes essential to obtain legal advice before preparing one.
In this case, the declaration of trust usually records the proportions in which the property, if purchased together, is held and dictates how any proceeds of the sale will be divided if the property is sold for any reason. It differs on the cohabitation part, where states monthly bills and responsibilities.
One more important point about cohabitation agreement is that you do need to update the terms in case of any major changes like moving house, having children or buying a new asset.
Still not sure if you need one? At Ackroyd Legal, we have specialized Cohabitation Solicitors that will advise and keep you informed on your options.
With practical instruction on your cohabitee process, our Family Law solicitors will help you and your partner in every step, making you reach the best outcome, focusing on your rights, and protecting your interests.
Ali Ebrahim is Head of Wills and Probate of the Ackroyd Legal group.
With over 20 years of experience in Private Client, Ali has been advising on simple and complex Wills, administering small and high net worth estates, and serving clients in the UK and overseas. He also advise on Trusts and Lifetime planning with a view to mitigating Inheritance Tax.
His specialism also includes matters in relation to Lasting Powers of Attorney and applications to the Court of Protection for Deputyship Orders.
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