Moving in with your significant other is a decision that can have many benefits for your life and relationship. However, there can be financial consequences if the relationship doesn’t work out. Of course, no one wants to think about the end of a relationship, but considering a cohabitation agreement can pay off should things go south in the future.
Couples who live together, but who are unmarried, don’t have the same legal protections in place that married couples share. A cohabitation agreement can provide the protection you need so that you don’t run into financial trouble during a split. Here are the top five reasons why this is so important.
Secure Your Finances
When one partner makes significantly more money than the other, it’s likely you’ll use the greater income for many of your shared expenses. If one person contributes more to the mortgage, a cohabitation agreement can address ownership interest in the home as well as any reimbursements that may be owed.
Protect Your Living Situation
If you move to your significant other’s home, you could be left without a place to live after a breakup. With a cohabitation agreement, you can stipulate that you can stay for a reasonable amount of time while you look for a new place. The property owner or named renter can create rules to prevent the other person from staying for too long after the split.
Divide Your Assets
During your relationship, the two of you may purchase things like furniture, household items, and even big-ticket items like vehicles or a home. If you break up, deciding how to divide up these items can lead to conflict. Arizona is not a common law state, meaning that unmarried couples have no community property rights after a split. A cohabitation agreement can outline how the two of you will divide everything you accumulate during your relationship.
Prevent Ongoing Conflict
A breakup is a difficult time, but making an agreement in advance can help avoid more arguments. Since the document can include your division of property and specify timelines, the major issues are already taken care of for you. The cohabitation agreement can minimize these conflicts so that you can both move on as quickly as possible.
Strengthen Your Relationship
Creating a cohabitation agreement can make your relationship even stronger. Going over all of the details can help you and your partner learn more about each other’s habits and values. Making plans while you’re both in love can be a way to show how much you care about each other. In the long run, the better you know each other, the more likely you’ll be to stay together.
There are many more benefits to a cohabitation agreement, but these are some of the most important. If you’re ready to draw up a cohabitation agreement, contact Ogborne Law today.
Engaging with an attorney to protect your family is never an easy step. Whether you need to protect your family from the unthinkable or restructure your family through collaborative divorce, we’re here to help. When you’re ready to schedule a consultation with Michelle Ogborne, please visit the scheduling page to get started.