When people hear the term ‘prenup’ in Arvada and Jefferson County, they often think about a document that comes into play just before a couple gets married. However, you don’t necessarily have to have a marriage plan in order to enter into a prenuptial agreement. Couples who are living together, with no plans to marry, can have an agreement that protects each of them. It’s called a cohabitation agreement. Let’s learn more about these types of documents and how it could work for you.
Attorney for Cohabitation Agreement in Wheat Ridge: What is a Cohabitation Agreement?
A cohabitation agreement is a contract that protects two people living together. Both parties can outline how certain issues are handled, such as:
- Assets and debts each person has individually
- Joint assets and debts
- How property will be divided if the relationship doesn’t work
- How finances will be handled if the relationship doesn’t work
- Child custody
- Child support
While there is not a specific protocol for cohabitation agreements in the court system, when done through an experienced family law attorney, it will be treated like a legally binding contract.
Why You Should Consider a Cohabitation Agreement
Living together without the plan to get married is becoming more and more common. As we know, after a certain amount of time, two people cohabitating may be considered in a common law marriage, which can complicate a break-up. If you have a cohabitation agreement in place, you won’t have to worry about being vulnerable should the relationship end on not great terms. When a couple is living together, it’s commonplace that the couple would acquire joint property like furniture, a home, electronics, etc. A cohabitation agreement can make sure that these items are treated like marital property would be treated and divided fairly. It’s especially important for unmarried parents living together. A cohabitation agreement will protect your child from dealing with issues down the road.