What is a cohabitation property agreement?

On Behalf of | Sep 6, 2017 | Divorce | 0 comments

Separating from your significant other in Tennessee can be difficult, especially if you have lived together for a long period of time. While married couples may have the benefit of a prenuptial agreement to reduce stress during divorce, unmarried couples who have spent years living together will have to divide property without this help. Luckily, cohabitation property agreements can make the process simpler and help you avoid lengthy legal battles.

According to Findlaw, one of the many benefits of this type of arrangement is that you can include provisions for support payments if you choose to separate in the future. If you fail to specify this in your agreement, you will not have legal rights to support you if you separate without ever marrying.

There are several other items that you should consider including in your agreement, such as what will happen with any children you have and how the expenses for the family will be split. You can also make specifications about the separation for various pieces of property you currently own and how any future acquisitions will be divided.

Just as you would need to consider every factor that could be divided for a prenuptial agreement, carefully determining each piece of property for a cohabitation agreement can make the process simpler if you separate in the future. This includes credit cards, bank accounts and any insurance policies that either of you may hold. This information is intended for your education and should not be taken as legal advice.