Cohabitation agreements are a form of deed, which is a binding legal document. They have become increasingly common in recent years as more couples are choosing to live together without being married and therefore wouldn’t have the same protections as separating married couples, should they break up.
Cohabitation agreements can be a really useful tool to help plan for the future, even if it is a worst case scenario. They can set out your intentions as a couple and reflect a number of things including;
- The ownership of and interests in the shared home
- How you want to divide expenses whilst you are a couple, including bills
- What your responsibilities are to each other financially
- Giving you a share of each others assets
- Access to each other’s state pension
- Setting out next of kin in a medical emergency
These agreements can help provide a level of security to both parties and clearly sets out your intentions towards each other and the relationship. They can also provide financial security, should you separate in the future.
The most crucial area that cohabitation agreements can help with is with your shared home, specifically if it is only legally owned by one person. If you were to separate that would leave one person with limited rights and potentially homeless. A cohabitation agreement can allow for certainty and peace of mind, should the worst happen and are something that our team are more than happy to advise on and draft.
To find out more please contact our Family Department on 0114 218 4000 or email info@tayloremmet.co.uk