How to Create a Cohabitation Agreement Template
Cohabitation agreement or also well known as common law partner agreement or no-nuptial agreement is an agreement usually used when an unmarried couple who decide to live together. In this article, we will discuss further how to make a cohabitation agreement template with the detailed steps.
The Basic Elements in a Simple Cohabitation Agreement Template
Different common law partner agreement templates may contain different elements. However, basically it should have the following elements. First of all, what you have to include in this kind of agreement is the effective date. It is the date when the agreement takes effect or is made.
After you write the effective date of the cohabitation agreement, the second element that you will need to include is the full disclosure. Here, you should examine the financial situation of your partner include income, holdings, assets, net worth, liabilities and any other relevant information.
Then, you can continue with the next element called independent legal advice. It tells that the court will just uphold this cohabitation agreement if both of you had a chance to consult with a qualified legal counsel before you sign off this agreement. Do not forget to include this one clearly.
Agreement on payment of expenses should be included, too. Before you and your partner move in together, you will need to decide how the mortgage payments, groceries, utilities & other regular expenses will be divided. After both of you decide this, then you can continue for the next step.
Next, writing a non-nuptial agreement template also requires you to list the property that you acquired before both of you become a couple & want to keep as separate property such as vehicles, household goods, financial assets, and also other items.
Besides that, you will also need to list the property that is owed jointly with your couple as a joint property. It will be divided into 2 of you on death or maybe separation. You cannot skip it because this is a very important part or section in the agreement. Both of you should also agree about this all.
What to include next in the agreement is the effect of death or separation. In this case, all properties listed as “separate” in this agreement will usually not be shared with other person if a separation or death happens. On the contrary, jointly properties are usually shared to other person.
The last element that you have to include in this kind of agreement is the effect of marriage. In this section, you will need to spell out clearly whether the agreement continues in effect, or ends on marriage, or may be revised before the marriage. You must choose and device one of the options.
After all elements are included and there is no missing and error, now this cohabitation agreement template should be signed off. Each of you has to sign off the agreement with full names. Then, make sure that you keep this agreement because it may be needed in the future.
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