The what’s and the Why’s of a Cohabitation Agreement

Data from the Office for National Statistics indicates that from the 12.9 million couples living in the UK, 3.3 million are living in a co-habitual setting i.e. they are unmarried, living together and sharing their finances.

While such couples may be granted the status of common law spouses in other countries, the fact is that in the UK such couples don’t have the same rights. Neither do they have the same options as civil partners or married couples when it comes to protecting their pension, maintenance funds and other financial assets. This doesn’t necessarily mean there aren’t any options.

The best way to seek legal protection is through a cohabitation agreement.

What is a Cohabitation Agreement?

In layman’s term, a cohabitation agreement is a legally binding document signed by both partners in a relationship. Details of this agreement dictate how properties, personal belongings, savings and other contents will be shared, in case the relationship breaks down. The document also covers child support, bank accounts and the separation of funds from any joint purchases that were made.

The agreement also allows both members of the party to designate a set sum for day-to-day finances. This will include set amounts for bills, mortgage and rent. The document will also mention whether life insurance can be taken out on any or both partner.

The Reality of it

We won’t deny that this is indeed quite unromantic. But so is the financial and emotional heartache that follows breakups. Even if you both love each other, you can never predict the future. Therefore, you must take the right steps to ensure that when you part ways, you do so in a fair and just way, without any pressure.

Putting Together an Agreement

Let’s set something straight.

While there are many ways to draw up a full cohabitation agreement on your own (via templates found online), we would not recommend this option for one simple reason; mistakes. If you even were to break up, you would need to present a professionally-drawn agreement with no mistakes to the courts, which is something you cannot guarantee if you’ve come up with the agreement yourself.

Your best option is to hire a professional solicitor in family law who’s experienced enough to help you come up with an adequate agreement.

Hire Wembley Solicitors!

Our team is at your service! Offering expert support and advice, our team of solicitors in UK will help you create a viable cohabitation agreement.

For legal assistance, contact us today at 02034173700!