Cohabitation
If you have decided not to get married, preferring to simply live together without ‘tying the knot’, then a legally binding Cohabitation Agreement is a means of clarifying the terms of your relationship and what should happen in the future should the two of you decide to part. You can have a Cohabitation Agreement drawn up at any time and it could save you much higher legal fees in the future.
It is imperative that your Cohabitation Agreement is drawn up by a solicitor to ensure the document contains the necessary information and that legal procedures are followed. Full financial disclosure is required from both of you. If the terms of the agreement are not clearly fair then it may be deemed void by a court in the future if it appears to be biased towards one party.
Your Cohabitation Agreement should then be regularly reviewed, particularly in the event of change of circumstances such as the birth of a child or either of you receiving a significant inheritance.
What should our Cohabitation Agreement cover?
Aspects to include in a Cohabitation Agreement include:
- Property rights
Including properties held jointly or separately, considering endowment policy implications, life insurance policies and who pays mortgage and utility bills.
- Financial provision
Including consideration of joint or individual current and savings accounts and pensions, and financial arrangements for child maintenance.
- Arrangements for children
Laying out guidelines for arrangements regarding children in the event of a future separation.
- Death
Consideration of how assets should be distributed should either of you die.
- Belongings
Consideration of who can keep which possessions, particularly items of higher value (either monetary or sentimental), in the event of separation.
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How much does it cost?
Our hourly charging out rate is £255 + VAT per hour and a cost estimate can be discussed at the outset, following an initial chat to ascertain the likely complexities of your cohabitation agreement.