Benefits of a Co-habitation Agreement
At Blackburn Lawyers – our law firm has helped prepare many co-habitation agreements for couples. To start with – a co-habitation agreement is a legally binding document that couples enter into when they choose to start living together. There are several benefits to preparing a co-habitation agreement and for your convenience we have listed some of the benefits below. By no means is this list exhaustive – but gives a general overview on the topic.
- Ensures a seamless departure should you split up: In the unfortunate event that you and your significant other should split up – a co-habitation agreement will make the process a lot more easier as it will clearly outline each person’s rights and responsibilities. This also reduces the risk of disagreements over financial commitments and property division.
- Reduces the risk of conflict: Whether you are living together or have decided to split up – co-habitation agreements are intended to minimize conflicts because they clearly outline expectations and responsibilities from the get-go. For example, financial responsibilities and house maintenance responsibilities are clearly outlined from the beginning and agreed upon by both parties. There are also clauses on what happens when parties do not adhere to the terms in the agreement.
- Saves both parties money: We’ve seen many instances where co-habitation agreements have saved clients a lot of money in the end because it prevented couples from having to hire legal counsel to resolve any disputes down the road.
- Outlines expectations of both parties: Just like buying a house, buying a car or starting a new job – having a clear understanding of what expectations are from both parties from the beginning of a new relationship or venture can create a lot of clarity for both parties entering into the agreement. Because expectations and outcomes are clearly defined – there is less room for surprises down the road.
- Provides a good testing ground for pre-nuptial agreements: Having a co-habitation agreement in place is also a great testing ground for a pre-nuptial agreement should the couple decide to get married eventually. It’s a precursor for discussions down the road that involve joint bank accounts, shared property or joint expenses and how they should be treated.
We strongly recommend you hire a family lawyer to prepare a co-habitation agreement on your behalf instead of tackling one on your own. A family lawyer will ensure that you have included all the relevant terms in your agreement as they pertain to your unique situation and also ensure that both your best interests are placed as a priority should the relationship dissolve in the future. It’s always best to be prepared for the inevitable so don’t delay and contact our law firm to book a consultation with a family lawyer to help prepare your co-habitation agreement.
Disclaimer: Please be advised that this blog is intended to act as a general overview on a legal topic and does not constitute legal advice. Each legal issue is unique and in order to get qualified legal advice we recommend you consult with a Richmond Hill divorce lawyer or family lawyer on this topic. For more information on co-habitation agreements – contact our law firm to book a consultation with a Richmond Hill divorce lawyer. Please note that lawyer-client relationships are only established after you have signed a retainer agreement with our firm.