Today, a new trend has developed where unwed couples who are living together are getting prenup-like agreements. Although these types of agreements used to be reserved for couples who were anticipating tying the proverbial knot, couples are now entering what’s known as a cohabitation agreement to protect themselves in the case their relationship goes south.
When you think about it, what would happen if a couple who were not married and purchased a home and then they chose to part ways? How would that be handled. The answer according to this article that was published on Google News by the Canadian Press, is a prenup-like agreement called a cohabitation agreement (or cohab for short).
The article states “cohabitation agreements can protect an unmarried person’s stake in jointly owned property like a house or a condo and guard against seizure for payment of spousal debt.What if one partner buys a house and the other furnishes it? How will the purchase of groceries be handled? If we break up and there’s no agreement, I don’t have a claim… The litigation between two people who own a house together and aren’t married is much more difficult than two married people who are getting divorced.”
It’s a very wise choice to have a cohabitation agreement if you’re an opposite sex couple not interested in marriage or a same sex couple who legally can not get married in the state of New York. A cohabitation agreement can protect your assets and shield you from being taken advantage of in the event you and your partner decide to split up. Without the rights provided by marriage or a cohabitation agreement you’re technically screwed.
The Law Office of David Centeno, PLLC offers free cohabitation agreement consultations. Let our experienced team protect you and your assets. Call us today at (866) 830-2064.
The entire article can be read here