Jan 3, 2012

Living Together

If you are in a long-term relationship but are not engaged but living with someone you might want to enter into a co-habitation agreement.

Not too many legal issues will arise while a couple is happily living together. The problems arise when one of the partners may die or are they agree to split up.

When you are having a long-term relationship as a couple you will acquire certain properties and also certain debts. When a couple splits up the problem arises as to who owns what property and also who will pay certain debts.

The best way to protect you and your partner is to draw up a cohabitation agreement. This will define who owns what and who is responsible for certain debts. This will make it much easier to distribute the property and also the responsibility of who owes what.

This agreement usually will list what property is owned jointly and what each party will claim separately as their own. It will also point out who will pay what expenses during the relationship. As far as the property goes you should list what property belongs to who on a separate sheet of paper and mark it as exhibit A and B pointing out clearly each person's personal property and exactly who owns it.

Agreement like this also protects you from any palimony claims. This agreement should stay that either party does not promise any support in the event of a separation. Changes in this agreement must be in writing. So if you want to make your life much simpler when having a long-term relationship and living with a partner checked into the cohabitation agreement for peace of mind.

No comments:

Post a Comment

Thanks for the Comment. I will visit your blog soon.

I Disclose:

This policy is valid from 24 May 2011. This blog is a personal blog written and edited by me. For questions about this blog, please contact ADMIN in the comment section in any post. This blog accepts forms of cash advertising, sponsorship, paid insertions or other forms of compensation. The compensation received may influence the advertising content, topics or posts made in this blog. That content, advertising space or post may not always be identified as paid or sponsored content. The owner of this blog is compensated to provide opinion on products, services, websites and various other topics. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question. It is the sole responsibility of the readers to verify the product endorsement as legitimate.