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What is a cohabitation agreement?
A cohabitation agreement is, for the most part, a record of what you own and how everything will be shared or divided. All couples who live together but aren’t married can benefit from such an agreement, even if they have only been together for a short time. When couples split up, it can become difficult to remember who purchased what, who has contributed more towards the rent or mortgage, and there may be disagreements about who will continue living at the property. It can also be hard to prove which personal or sentimental items belong to which partner. In the case of a cohabitation agreement, these matters would already be clearly defined.
Signing a cohabitation agreement can be as romantic as a married couple signing a marriage certificate during a wedding ceremony. In a similar way, committing yourselves as a cohabiting couple on paper is a significant moment. It’s practical too, as it protects your rights as it would benefit a married couple, enabling you to reduce conflict and stress should some unfortunate events happen in the future.
What to include in your agreement
Your cohabitation agreement should clearly define who owns what in the home and how the property is split. Contents, personal belongings, bank accounts, debts and major or joint purchases should all be included. You should be clear about who will continue living at the property if the relationship ends; this is particularly important if you have children. You will also need to include details about any additional financial support that will be provided for your children beyond basic legal requirements.
The cohabitation agreement does not have to just be about what happens in the event of a breakdown – it can also define how your finances work as a couple, such as who pays for particular household expenses and how you want to split joint bank accounts. This can help avoid general arguments and make sure both of you know exactly what your responsibilities are on a day-to-day basis.