What is Cohabitation Agreement Drafting?
A cohabitation agreement is a legal document signed by partners who live together but are unmarried. It features important aspects of their relationship, such as asset ownership, so that processes are in place to protect their interests should they separate in future.
As with a postnuptial or prenuptial agreement, a cohabitation agreement must be specific and clear to prevent confusion or disputes.
Read the rest of this article to explore what’s typically included in a cohabitation agreement, how to draft it, and how a lawyer can help you with the process.
Do You Need a Cohabitation Agreement?
A cohabitation agreement isn’t always required for all couples who live together. If they keep all their finances separate, a cohabitation agreement might not be necessary.
However, if couples are commingling their finances or they intend on sharing financial assets, such as buying property or opening a joint bank account, a cohabitation agreement is beneficial.
What are Key Terms in a Cohabitation Agreement?
A cohabitation agreement typically includes some essential terms, such as the following:
- Purpose. The agreement's purpose should be outlined, such as that it protects the parties’ individual assets and their financial duties.
- Contents. What is covered by the agreement should be clarified, such as joint bank accounts and expenses.
- Contributions. Both parties’ contributions during the relationship, such as paying rent or groceries, should provide clarity on their duties.
- Debt. This specifies how debt is shared or who pays it if the couple splits.
- Property. What happens to the property where the couple is living after a breakup must be clear.
- Pets. The agreement could also include information about pet ownership after a separation.
- Child support. Although child support usually appears in other contracts, couples who are living together might wish to include some information about sharing parenting expenses and roles.
How Do You Draft a Cohabitation Agreement?
When drafting a cohabitation agreement, you should consider the following tips to ensure it’s clear and comprehensive.
Have Open Discussions
You and your partner should sit down and discuss what you wish to include in the cohabitation agreement so that it is tailored to both of your needs. The goal should be to protect both of your interests. Doing this will ensure the agreement is fair and balanced.
Be Clear About Expectations
The cohabitation agreement should be clear about both partners’ expectations, such as in terms of chores and pets. Provide a list of everything that you’ve agreed on so that you avoid disputes about mismatched ideas.
Prepare Your Assets
Prior to drafting a cohabitation agreement, it helps to write a detailed list of all your assets, such as property and savings, as well as your debts, such as loans. Transparency is key so that the agreement is accurate.
Split Expenses
One of the most important parts of your cohabitation agreement is outlining both parties’ financial duties in the living situation. This can include paying rent, mortgage, groceries, and more. This will go a long way to preventing disputes in future.
Consider Post-Relationship Duties
You should think about what will happen in the case of a breakup, such as if one partner needs to financially support the other during the transition.
Include a Dispute-Resolution Method
Since going to court to resolve disputes can be costly and time-consuming, the cohabitation agreement should include a method for resolving disagreements, such as arbitration or mediation.
Do You Need a Lawyer for Cohabitation Agreement Drafting?
It’s wise to consult a lawyer to draft your cohabitation agreement. Although verbal agreements can be legally binding in some U.S. states, they are more challenging to prove in court. It’s better to put the cohabitation agreement details in writing, as this makes them legal and official.
A lawyer will play an essential role in helping you draft a clear and detailed cohabitation agreement that reflects your specific situation. Here’s a rundown of some tasks they will conduct during the contract drafting process.
- Explaining both partners’ rights and obligations during the relationship.
- Assessing the best way in which assets and debts should be handled, both during the relationship and should it end.
- Addressing issues such as debt responsibility and mortgage payments, if these aren’t clear or parties are disputing.
- Helping parties navigate the agreement if children are involved, such as considering how child support will apply.
- Ensuring that the agreement is aligned with applicable laws and can be enforced in court, should this be required.
- Confirming that parties are being transparent about their finances.
- Reducing any ambiguity or confusion in the agreement so that future disputes can be avoided.
- Including terms in the agreement that provide protection, such as post-contract duties to help parties through the breakup process.
Where to Find a Lawyer for Cohabitation Agreement Drafting
If you need to hire a lawyer to draft your cohabitation agreement, you don’t have to struggle to locate the best one for your requirements. Online legal platforms make the lawyer search an easier process.
On ContractsCounsel, one of the largest online legal marketplaces where clients can connect with vetted lawyers, you can request a drafting of a cohabitation agreement by a qualified lawyer who has experience in contracts.
Here are the simple steps to follow:
1. Go to the ContractsCounsel marketplace, where you can post your project for free.
2. Include some details of what you need so that you’re matched with the right lawyer.
3. You’ll receive multiple bids from lawyers directly on the platform who can assist you.
4. Once you receive the lawyer bids, you should review the lawyers' profiles. The platform provides a range of lawyer information, such as their location, client ratings, years of experience, and field of expertise.
5. Connect with a lawyer you think is best suited to your requirements and hire them to draft your cohabitation agreement. This will give you peace of mind that it’s balanced and legally valid.