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Difference between revisions of "Cohabitation and Living Together Agreements"
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Cohabitation and Living Together Agreements (view source)
Revision as of 22:43, 19 May 2013
, 22:43, 19 May 2013→Deciding whether a cohabitation agreement is appropriate
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===Deciding whether a cohabitation agreement is appropriate=== | ===Deciding whether a cohabitation agreement is appropriate=== | ||
The | The most common reason why a couple enters into cohabitation agreements is to protect their separate property and income, so that each person's property going into a relationship is preserved as much as possible if the relationship comes to an end. Sometimes one person wants to preserve property from claims by the other person; sometimes a person will want to protect property from the other person's debts. Generally speaking, most couples who are thinking about executing a cohabitation agreement want a "I'll keep what's mine, you'll keep what's yours" sort of deal, and that's fine. | ||
A couple might also enter into a cohabitation agreement to address spousal support if the relationship comes to an end. Sometimes a person will want to guarantee a certain minimum payment, but most often people want to be protected from having to pay spousal support. That's fine too, it happens all the time. | |||
Cohabitation agreements are usually entered into when: | Cohabitation agreements are usually entered into when: | ||
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*one of the parties has significantly more income than the other, | *one of the parties has significantly more income than the other, | ||
*one or both parties expect to acquire property during the relationship from, for example, a business, an inheritance, a court award, a gift, or employment income, | *one or both parties expect to acquire property during the relationship from, for example, a business, an inheritance, a court award, a gift, or employment income, | ||
*one or both parties are bringing a child into the relationship, or | *one or both parties are bringing a child into the relationship, | ||
*the parties expect to have child within the first two years of living together, or | |||
*the parties expect that spousal support may be an issue if the relationship ends. | *the parties expect that spousal support may be an issue if the relationship ends. | ||
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*the couple are young, | *the couple are young, | ||
*neither party has significant property or debt going into the relationship, | *neither party has significant property or debt going into the relationship, | ||
*neither party is bringing any children into the relationship, or | *neither party is bringing any children into the relationship and no children are expected right away, or | ||
*both parties are working out of the home and expect to continue working out of the home. | *both parties are working out of the home and expect to continue working out of the home. | ||
