Deed of Cohabitation
A Deed of Cohabitation is a contract between people who are living together but are not married. It is essentially entered into a ‘prenuptial agreement’ between people who are not married. It is designed to deal with property issues in the event that parties separate.
Whenever you and your partner live together, or plan on living together, you can enter into a Cohabitation Agreement. You can enter into this agreement before you live together, while you are living together or at any time before you separate. These agreements can be used by anyone who chooses to use them.
These agreements are intended to deal with the subsequent division of property in the event of a separation. Because of this, it is important that both parties disclose what property they own. These properties need to be written down and made clear to the other party. In addition to property (cash, real estate, stocks, etc.), each person needs to indicate what debts or obligation they have as well. Essentially, each person needs to disclose their financial status, including all assets and debts. Once each party determines what they own or owe, they can determine who gets what in the event of a separation.
Cohabitation Agreements can also deal with property acquired after the cohabitation begins. Whether you decide to keep it as joint property, to assign the property to one person or divide it in any other manner, the point of Cohabitation Agreements is to make it clear to each person what the status of the property is. If a separation occurs, each person will know what belongs to them and what belongs to the other person.