If you and your partner are considering living together in the UK, it`s important to discuss and agree on certain aspects to protect both parties in the event of a breakup. A cohabitation agreement is a legal document that outlines the rights and responsibilities of each partner during the course of their relationship.
In this article, we`ll discuss what a cohabitation agreement is, why it`s important, and provide a template to help you get started.
What is a Cohabitation Agreement?
A cohabitation agreement is a legal document that establishes the terms of living together between unmarried partners. It covers a range of issues, including property ownership, financial responsibility, and other important considerations. The agreement is not legally binding unless it`s entered into voluntarily by both parties and meets certain legal requirements.
Why is a Cohabitation Agreement Important?
A cohabitation agreement is important for several reasons. First and foremost, it provides clarity and transparency between partners. It helps to establish expectations, boundaries, and responsibilities for each partner. It can also help to protect both partners in the event of a breakup. A cohabitation agreement can set out the terms for dividing property and assets, as well as for any financial obligations, such as shared debt.
What Should be Included in a Cohabitation Agreement?
A cohabitation agreement can cover a wide range of topics, but some important elements to include are:
– Identification of the parties and the date the agreement is signed
– Details of the property or properties owned or rented by the parties
– Details of how utilities, rent, and other expenses will be divided
– Details of how household chores or repairs will be managed
– Details of any joint financial accounts or credit cards
– Details of how the ownership and distribution of any acquired assets will be determined
– Information about how the agreement can be terminated or modified
Template for a Cohabitation Agreement
Here`s a basic template you can use as a starting point for your cohabitation agreement:
Parties:
[Insert names of partners]
Date:
[Insert date]
1. Property
The parties currently live in:
[Insert property details]
The following property is owned by:
[Insert property details]
2. Finances
The parties agree to divide the following expenses equally:
[Insert expenses]
3. Chores and Repairs
The parties agree to divide the following household duties:
[Insert duties]
In the event of major repairs, the parties will contribute as follows:
[Insert repair details]
4. Joint Accounts
The parties will maintain a joint account for:
[Insert account details]
5. Distribution of Assets
In the event of a breakup, the parties agree to divide property as follows:
[Insert distribution details]
6. Termination and Modification
This agreement can be terminated by either party with [Insert number of days] days` written notice. Any modifications to this agreement must be in writing and signed by both parties.
Conclusion
A cohabitation agreement is an important document for unmarried partners living together in the UK. It provides clarity and transparency and can help protect both parties in the event of a breakup. Use the template above as a starting point for your own cohabitation agreement, and make sure to consult with a legal professional to ensure the document meets all legal requirements.