There are times when a couple may want to live together long-term without the permanent ties of a formal marriage. Many Kentucky couples want to live together while remaining unmarried, and fortunately, there are still options available to people who wish to protect their legal interests in this type of arrangement.
If you are living with your partner or plan to in the future, yet you have no plans to marry, you may find a cohabitation agreement, also called a nonmarital agreement, beneficial. This document could help you protect your financial interests and property rights in case the relationship ends. Like all formal legal contracts, you will find it prudent to seek experienced guidance when drafting a cohabitation agreement.
What should be in your agreement?
Like prenuptial agreements and other types of legal contracts, it is beneficial when cohabitation agreements suit your individual needs and objectives. There is no cookie cutter agreement, but most people living together find it helpful to address the following when drafting their contract:
- Property that you and your partner acquire over the course of the relationship
- Inherited money or assets received by one partner
- Which partner is responsible for which expenses for the duration of the relationship
- What property is separately owned
- What will happen to money, assets and other matters in the event one partner dies or the couple separates
Your nonmarital agreement does not have to be overly complicated. You can draft yours to suit your unique needs, and you can include whatever you believe is necessary.
No two relationships are the same, and there are various reasons why a couple may feel like a cohabitation agreement is in their best interests. Whether you wish to protect your property in the future or want to outline your financial responsibilities, a couple does not have to walk down the aisle to have legal protection.
Guidance for important family law concerns
Making the choice to cohabitate, marry or take another important step in your relationship is a major decision. Before you move forward, you may find it helpful to seek guidance regarding the most appropriate way to protect your legal and financial rights.
A complete evaluation of your case can help you understand if a cohabitation agreement is in your best interests. If it is, you can seek an explanation of how to draft your contract thoughtfully and carefully. It is always prudent to know your options and rights before making an important legal decision.