Minneapolis Cohabitation Agreement Lawyer
With the divorce rate at a staggering 50%, many couples are choosing to forgo the traditional marriage and instead live together as common law man and wife. However, even if you are not married, if you are living together as a common law couple, you could still be looking at a very messy break up if the relationship ever dissolves. Because of this, many couples are looking into the option of a cohabitation agreement. Similar to a prenuptial agreement, a cohabitation agreement protects the assets of those who are not married but living together.
Is a Cohabitation Agreement Right for My Situation?
There are a number of reasons why people choose a cohabitation agreement. For one, if the relationship ever dissolves, a cohabitation agreement will help divide any assets and avoid a headache for both parties. Furthermore, a cohabitation agreement can provide a sense of security to both parties. Many people will assume that a cohabitation agreement is a very negative spin on a relationship but this is actually not the case. This type of contract suggests a sense of trust, openness, and dedication to the relationship. Many couples feel much closer by keeping their finances out of the relationship and in the open. You may want to consider a cohabitation agreement in the following instances:
- If you are currently living together or plan on living together
- If you plan on purchasing property together
- If you plan on starting a family together or if you have children together
- If you have assets that you want to protect
- If you have children from a previous relationship and want to ensure their financial future is secure
Many older couples who, for whatever the reason, choose not to marry will sign cohabitation agreements as a way to protect their children’s and grandchildren’s rights to their assets. Those who have been married and divorced before often choose to live under a common law marriage rather than re-marry; thus, this legal document may be right for them as well. Same sex couples may also consider a cohabitation agreement just in case the relationship dissolves.
How a Cohabitation Agreement Works
In order for a cohabitation agreement to be legal, both parties must sign the document and each consult with a separate lawyer on the matter. Although a cohabitation agreement will outline the individual assets in the event of a break-up, there may still be some legal matters that will need to be looked at outside of the agreement. For example, custody and child support are separate matters that are often not discussed in the cohabitation agreement.
Contact our Minneapolis Family Law Lawyer
There is no way to know whether a relationship will last for 10 days, 10 years, or til death do you part. A cohabitation agreement is a smart solution to this problem. We have drafted up countless cohabitation agreements for happy couples wanting to protect their assets and avoid a break-up disaster down the road. If you are considering a cohabitation agreement or want to learn more about the process, feel free to contact our Minnesota family law firm. We will help draft up a contract that both parties will be comfortable and happy with.