Are Cohabitation Agreements Legally Binding?
Cohabitation, or living together outside of marriage, has become increasingly common in recent years. When couples choose to cohabitate, they may want to consider entering into a cohabitation agreement. But, are these agreements legally binding?
The short answer is yes, cohabitation agreements are legally binding. These agreements are similar to prenuptial agreements in that they set out the terms of a couple`s living arrangements and can be used to protect each person`s rights and property in the event of a breakup or other dispute.
Cohabitation agreements typically cover issues such as:
– How living expenses will be divided
– How property and assets will be distributed if the relationship ends
– How debts will be divided
– Whether one partner will provide financial support to the other partner if the relationship ends
– How disputes will be resolved, such as through mediation or arbitration
The key to making a cohabitation agreement legally binding is to ensure that it is properly executed. This means that both partners must fully understand the terms of the agreement, agree to them voluntarily, and sign the document in the presence of a witness.
Once a cohabitation agreement is properly executed, it can be enforced in court if necessary. However, it`s important to note that courts may not enforce certain provisions of a cohabitation agreement, such as those that attempt to limit child support or waive a partner`s right to spousal support.
In addition, cohabitation agreements are not a substitute for a will or other estate planning documents. If a partner dies without a will, the surviving partner may not automatically inherit the deceased partner`s property or assets, even if they have a cohabitation agreement in place.
In conclusion, cohabitation agreements are legally binding and can be a useful tool for couples who choose to live together outside of marriage. However, it`s important to ensure that the agreement is properly executed and that both partners understand the terms of the agreement. And, while a cohabitation agreement can protect each partner`s rights and property in the event of a breakup, it`s still important to have a will and other estate planning documents in place to ensure that your wishes are carried out after your death.