Cohabitation Agreement UK Review: Protecting Your Relationship
Cohabitation is a common living arrangement among couples in the UK. According to the Office for National Statistics, 3.5 million unmarried couples live together in the country. While cohabitation is becoming more socially acceptable, it doesn`t come with the same legal protections as marriage. That`s where a cohabitation agreement comes in.
A cohabitation agreement is a legal document that sets out how a couple will manage their finances and assets while living together. It`s a way to protect both parties` interests in case the relationship ends. Here`s what you need to know about cohabitation agreements in the UK.
What is a Cohabitation Agreement?
A cohabitation agreement is a written agreement between two people who live together or intend to live together. It outlines how they will manage their finances and assets while cohabiting. The agreement can cover a range of issues, including:
– How bills will be split
– How property ownership will be shared
– How debts will be shared
– What would happen if the relationship ends
Why Do You Need a Cohabitation Agreement?
A cohabitation agreement provides legal protection for couples who live together. Without one, if the relationship ends, there is no legal framework to determine how assets and finances will be divided. This can lead to costly and complicated legal battles.
A cohabitation agreement helps to avoid these problems by setting out clear guidelines for how the couple will manage their assets and finances. It can also provide peace of mind for both parties, knowing that they have a legally binding document to refer to in case of a dispute.
How to Create a Cohabitation Agreement
Creating a cohabitation agreement is a straightforward process. However, it`s important to seek legal advice to ensure that the agreement is legally binding and covers all the necessary issues.
The first step is to sit down with your partner and discuss what you want to include in the agreement. You`ll need to decide on how you`ll divide bills, debts, property ownership, and what would happen if the relationship ends.
Once you`ve agreed on the details, it`s time to draft the document. You can use an online template or hire a solicitor to help you create the agreement. The document should be signed and dated by both parties and witnessed by an independent witness.
Reviewing Your Cohabitation Agreement
A cohabitation agreement should be reviewed regularly to ensure that it still meets both parties` needs. You may need to update the document if your financial situation changes or if you acquire new assets. In some cases, it may be necessary to seek legal advice to make changes to the agreement.
Final Thoughts
A cohabitation agreement is a legal document that can provide peace of mind for couples who live together. It outlines how the couple will manage their finances and assets while cohabiting and what would happen if the relationship ends. If you`re cohabiting, it`s worth considering a cohabitation agreement to protect your relationship.