Increasingly people are choosing to live together either as unmarried couples or buying and living with other friends or relatives. Anyone who is living in these circumstances may face difficulties should the cohabiting relationship breakdown for some reason. A cohabitation agreement, sometimes called a living together agreement can be written to outline what will happen if this occurs.
It is a common misconception that if you cohabit with another person in a relationship for a number of years, paying the mortgage jointly, that you automatically receive the same equal rights as those awarded to couples in the marital home. A cohabiting couple do not receive the same protection under the law as a married couple which can make resolving problems complex.
A cohabitation agreement is a legal contract formed between cohabitees that determines what happens to their assets in the case of a separation. The agreement should define the substantial assets, including any properties, bank accounts, savings, investments and valuable independent chattels. The cohabitation agreement can also contain details as to how the cohabitees will contribute towards the household costs whilst cohabiting.
In the event that a formal agreement has not been entered into, we can assist you in dealing with any issues arising from your separation and reaching an agreement regarding the division of assets.