There are many couples in the Dayton area who do not have a traditional marital relationship. Some couples are no longer together but have children together, or there are couples who are living together but not married, plus many other situations. For many of these couples, a cohabitation agreement makes sense.
A nonmarital cohabitation agreement is a legal contract between two unmarried people. It can include important items including what to do with property that is acquired during the marriage. The agreement should list who owns the property if one person buys it. Do both parties own it if one person buys it or does it belong to whoever bought it? Also, a cohabitation agreement can include whether property received from an inheritance is to be the property of the person that received it and thus is separate property. Property that was acquired before the relationship began is usually considered separate property, but a person may want to have that written down as well.
A cohabitation agreement should also include who will oversee what expenses. The expenses should be listed along with whose income will be used to pay them. The expenses may be split 50/50, proportional to each person’s income or jointly paid with one bank account. An agreement should also list what would happen in the event of a separation or if a person dies. Finally, the agreement can include a dispute resolution plan, in the event that a dispute arises.
Couples who are living together may want to spend the time drafting a cohabitation agreement. A legal professional familiar with divorce and dissolution law can help their clients create an agreement that works for their unique relationship. An agreement can help the couple define their relationship and minimize problems.
With many couples choosing to have a relationship where they are not married, it can be important to have an agreement in place. A cohabitation agreement is a contract that defines the roles of each partner and specifies how money and debt are handled in their relationship.