Do I need a cohabitation agreement?
If you are thinking about living with your partner in Kentucky so you can raise your kids in one household or enjoy the benefits of marriage without tying the knot, you should consider your reasons for doing so. Many people think that living with their significant others affords them the same protections as married couples. Little do they realize, however, that their relationships do not entitle them to same rights and protections that many couples enjoy when their relationships are over and they divorce.
If your relationship falls apart, you may encounter challenges when it is time for you to split your assets and tackle child custody issues. Cohabitation agreements are ideal for couples who are unmarried and living together.
It safeguards assets
For many couples, breaking up is easy to do when there are little to no shared properties and assets. But in cases where one or both parties have a substantial number of assets, careful consideration should be given as to how to protect wealth. To ensure that you will not leave your relationship empty-handed, you and your partner should discuss how your assets and possessions are to be split. You should draft these details into a cohabitation agreement. Be as detailed as possible to minimize confusion and conflicts.
It establishes financial obligations
When couples live together, there is usually an understanding that one or both partners will pay certain bills. To ensure that you and your partner honor your financial obligations, you should create a cohabitation agreement that specifies which bills you and your partner are responsible for paying. The agreement should also include instructions about how your shared debts and bills should be handled if separation or death occurs.
There are many issues that can affect your situation. To ensure that your cohabitation agreement is valid, you should speak to an attorney for guidance.