If you’re going to start living with a common-law partner, you should know your rights. Pace Law Firm’s guide explains why you may want to draft and sign a cohabitation agreement before you move in. You can also call (866) 340-3175 to learn more.
Marriage can be a complicated affair, especially legally, and many people may choose to avoid it. Simply moving in with a common-law partner is a lot easier, isn’t it? Well, Pace Law Firm says that living together brings its own legal implications with it; that’s why it’s best for you and your partner to sign a cohabitation agreement before your living arrangements change. Continue reading to learn why it’s an important document for you and your partner to have.
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The number of common-law relationships has increased in recent years, and this is attributed to changes in law, social attitudes, and religious beliefs.
According to Seneca Notes, this coincides with a steady decline in marriage over the past 50 years as people are marrying later in life or living together, with the latter becoming widespread as an informal arrangement between individuals in a temporary or casual relationship or as a precursor to marriage.
Growing economic independence, particularly among women, is also a factor driving rising cohabitation rates.
Although you and your partner may have decided to live together to avoid the potential legal implications of marriage and divorce, Pace Law Firm’s guide stresses the importance of preparing a cohabitation agreement. This legal document specifies each party’s rights, such as shared responsibilities, any assets and debts each person has when they begin living together, how shared property will be divided in the event of separation, and the terms of repayment for shared debts in this event.
While a cohabitation agreement will prevent inequality if you do separate, it can also be modified as your relationship changes. However, bear in mind that if you decide to formally marry, Pace Law Firm’s guide says that you’ll have to consider a prenuptial agreement, which will ensure assets are adequately divided in the event of a divorce. Although the guide recommends drafting and signing an agreement before the wedding, this can also be done any time after.
No one wants to consider separation and all the messy things that come with it, but life can always hit you with unexpected changes. It’s better to be safe than sorry.
If you require services related to cohabitation agreements, prenuptial agreements, or other areas of family law, you can contact Pace Law Firm for a complimentary consultation. They’re happy to meet up with you in person or remotely over a video call, and they’ll know exactly what will need to be done for your situation. Having been established in 1981, the firm is well-versed in all areas of law and can serve clients in over 38 different languages.
You can also learn more about cohabitation agreements and other domestic contracts by visiting Pace Law Firm's website.
