If you are living together, or thinking about it then we recommend that you consider getting legal advice so you and your assets are protected. The best way for you to do this is speak to a reputable firm of lawyers and they will offer you whatever service they feel is best.
Options may be:
- Prenuptial Agreement – If you are not married
- Postnuptial Agreement – if you are married and your situation has changed (financially, children, jobs)
If you are at a certain age, you will have worked very hard for your money, property etc. Life can throw you some blows i.e. divorce or separation and you may feel you don’t have many assets but if you are thinking of cohabitation then you are best to get advice.
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Cohabitation is romantic, lovely and can be lots of fun but you are always best to legally protect yourself. Some call it a Cohabitation Agreement or a Prenuptial Agreement. An agreement like this can take months to complete, your assets will be assessed and you will need to provide evidence i.e. bank statements etc. If you are selling properties to cohabitation then you may need to sell and then buy.
Is it necessary?
Cohabitation has a financial committment as well as emotional. You may be required or have an agreement to pay 50% of the bills, but you may have decided that you pay 40% based on earning less income than your partner. This can be normal in households, but you need to have an agreement that is legal and signed off by a Judge if you were to think about separating. This could have bearing on how the equity is split if you are to separate.
If you were to get a prenuptial agreement or cohabitation agreement and then you marry, this agreement will be nul and void. A marriage supersedes an agreement as property would then be a marital home.