Couples Who Don't Want to Marry, But Want to Protect Assets

In today's world, many couples choose to live together without getting married. While this arrangement can offer flexibility and freedom, it also raises important questions about asset protection and financial security. A cohabitation agreement can provide the necessary legal framework to protect your assets and outline your financial responsibilities. Here’s how to create a cohabitation agreement to safeguard your interests.

1. Understanding Cohabitation Agreements

Definition: A cohabitation agreement is a legal document that outlines the financial and property arrangements between unmarried partners living together.

Purpose: It provides clarity and protection for both parties, covering aspects such as property ownership, debt responsibility, and financial support.

2. Reasons to Have a Cohabitation Agreement

Asset Protection: Clearly defines ownership of assets brought into the relationship and those acquired during the relationship.

Financial Responsibilities: Outlines each partner’s financial obligations, including household expenses and debt repayment.

Dispute Resolution: Provides a framework for resolving disputes amicably, reducing the potential for conflicts.

Legal Clarity: Offers legal clarity in case the relationship ends, similar to the protections a prenuptial agreement provides for married couples.

3. Key Elements of a Cohabitation Agreement

Property Ownership: Clearly state who owns what property and how any jointly acquired property will be divided if the relationship ends.

Financial Contributions: Outline how expenses will be shared, including rent, utilities, groceries, and other household costs.

Debts and Liabilities: Specify responsibility for any debts incurred before and during the relationship.

Support Arrangements: Detail any agreements regarding financial support, both during the relationship and in the event of a separation.

Dispute Resolution Mechanism: Include a process for resolving disputes, such as mediation or arbitration.

4. Drafting Your Cohabitation Agreement

Consult a Lawyer: Work with a lawyer who specializes in family law to ensure the agreement is legally sound and enforceable.

Full Disclosure: Both partners should fully disclose their assets, debts, and financial situations to create a fair and transparent agreement.

Customized Terms: Tailor the agreement to your specific needs and circumstances, rather than using a generic template.

Regular Updates: Review and update the agreement periodically, especially if your financial situation or relationship dynamics change.

5. Making the Agreement Legally Binding

Written Form: The agreement must be in writing to be enforceable.

Signatures: Both partners must sign the agreement, preferably in the presence of a notary public.

Independent Legal Advice: Both parties should seek independent legal advice to ensure they fully understand the terms and implications of the agreement.

6. Communicating with Your Partner

Discuss Expectations: Have an open discussion about your expectations and concerns regarding finances and asset protection.

Mutual Respect: Approach the conversation with mutual respect and a willingness to understand each other’s perspectives.

Collaborative Approach: Work together to draft the agreement, ensuring both parties’ interests and concerns are addressed.

Please contact us today to determine your options legal options. Book your consultation today to start the process by clicking here or give us a call at 832-844-1677.

Attorney, Ashley Nicole Green is a  family, divorce, and child custody attorney who services clients in Houston, Harris, Fort Bend, Brazoria, Galveston, and Matagorda County! Contact the Law Office of A. Green today to schedule consultation!

You can always connect with us via phone 832-844-1677 or via email at agreenteam@lawofficegreen.com