In recent years, the institution of marriage has begun to go out of fashion. Younger generations no longer see the value of a marriage certificate, especially when so many of them end in divorce. Instead, these younger couples are choosing to live together without getting married.
As a result, family law lawyers like those at Musson Law are seeing an increase in the number of cohabitation agreements they are helping draw up. Here’s more on why cohabitation agreements are on the rise.
Cohabitation Agreements Make Splitting Up Easier
While even the younger generations aren’t so jaded that they believe all relationships will eventually end, they are a little more practical in knowing that they can. For this reason, they are creating cohabitation agreements to ensure that if they do go their separate ways, they will both be protected financially. They will also be able to retain the assets they brought into the marriage as well as provide for any children and pets that are involved if the relationship ends.
As with prenuptial agreements for married couples, a cohabitation agreement ensures that there are no surprises when and if the couple decides to separate. They know what they will receive from the relationship and the document ensures they exit the relationship with the assets they came into the relationship with. It also means that they don’t have to get lawyers involved because everything is accounted for before they ever live together.
Cohabitation Agreements Reduce Conflict in Relationships
Many couples who have signed cohabitation agreements say that their documents reduce conflict in their relationships because they determined who would be responsible for what before they moved in together. They decided how much each person would pay toward bills, who would be responsible for specific aspects of child care for any children the relationship produced, and who would do which chores in the house or yard.
When people enter into agreements, they usually take them seriously because they know that what they have signed is a contract and they must live up to their end of the deal. This helps couples resolve conflicts that arise due to situations that frequently come up in a relationship, such as who pays for what and who performs which chores. Anything that can reduce arguments is a good thing and younger people are embracing this philosophy.
Cohabitation Agreements Save Couples Money
In many places, cohabiting couples don’t have a lot of rights to each other’s income or assets. When they split up, they have a long legal battle ahead of them to gain anything they feel they deserve because of their contributions to the relationship.
Even if they end up getting something from the legal process, they will have spent a fortune to do it. A cohabitation agreement can be legally enforced and doing so won’t cost couples nearly as much as years of fighting in the legal system.
Conclusion
If you aren’t keen on getting married, but you do want to live with your romantic partner, a cohabitation agreement protects you and them from losing money, assets, and property in the event that you and your partner separate. It also helps you divide up responsibilities in the relationship to keep arguments at a minimum.
If you haven’t already, see a lawyer about drafting an agreement that will give you peace of mind in your relationship.
Article and permission to publish here provided by Patrick Otto. Originally written for Supply Chain Game Changer and published on July 30, 2023.
Cover image by Werner Heiber from Pixabay