Why would I ever need a Cohabitation Agreement?
However, you may not know that the law does not recognise unmarried couples in the same way as it does married couples. This is because married couples have the legal protection of the Matrimonial Causes Act 1979.
That said there are ways for you to protect yourself. The main one is to sign a cohabitation agreement.
Within a cohabitation agreement a couple can set out who owns what, how finances are to be managed (i.e. how are you going to split the bills and pay the mortgage) and what is going to happen to your savings, property, contents etc. should you split up.
Whilst couples might think this is an extra expense to already add to what can be an already expensive property purchase, the truth is cohabitation agreements repeatedly save couples thousands of pounds and a whole raft of unnecessary extra stress in the event of a break up.
A cohabitation agreement can be drawn up at any time, even if you have already purchased the property or have even been living together for several years. For it to be legally binding both parties should obtain independent legal advice but once it’s done, it is likely the courts will take this into consideration in the event a dispute ever arises.
If you would like to discuss drafting a cohabitation agreement to give you and your partner a little extra protection, please email email@example.com or call Shelley on 0113 399 3410.