What is a Cohabitation Agreement?
A Cohabitation Agreement is a Property Agreement. A Cohabitation Agreement helps avoid misunderstandings or claims later if the relationship should terminate. The Cohabitation is intended to bind both parties to the written understanding that enters the relationship. This type of property agreement covers your property rights and can also impact health care decision-making, shared debt, and child-rearing responsibility. This type of Cohabitation Agreement is often formed when entering a Domestic Partnership Agreement.
Why is a Cohabitation Agreement important?
Because a Cohabitation Agreement sets out what is your individual separate property, as well as how any jointly owned assets will be managed and held in the future. A properly drafted Cohabitation Agreement also makes it clear what the terms are going into the relationship and if there are any support obligations if the relationship should terminate sometime in the future. This way, there is no confusion and no "oral agreements" that may be brought up later that change the understanding. A cohabitation agreement protects you and your property from painful misunderstandings as you become a couple.
Is a Cohabitation Agreement legally enforceable?
Yes, but only if it is drafted appropriately and both parties know their rights going into the agreement. It also must be executed with the proper formalities for the Cohabitation Agreement to be enforced by the Circuit Court.
Whether you're just starting out together or need to clarify your interests after you are already a couple, a Cohabitation Property Agreement is a smart way to protect your assets and plan to build a life together.
Give us a call. We can help.
Law Office of Shawn C. Newman, P.A.
710 Northeast 26th Street
Wilton Manors, FL 33305-1238
Phone: (954) 563-9160
Serving all of the greater Fort Lauderdale area and Broward, Palm Beach, and Miami-Dade counties in Southern Florida.