Cohabitation Agreement When Married
When many couples get married, they assume that the act of getting married alone will protect them and their assets in the event of a divorce. While marriage does offer some legal protection, it is not a seal of protection for all of the assets and belongings that each partner brings to the marriage. This is why a cohabitation agreement can be a great tool for protecting both partners in a marriage.
So what exactly is a cohabitation agreement? A cohabitation agreement is a legal document that is signed by both partners in a marriage. It outlines how the couple will divide their assets and property in the event of a divorce. The agreement can cover everything from financial accounts to personal belongings, and can even address issues like spousal support.
One of the main benefits of a cohabitation agreement when married is that it allows each partner to protect their individual assets. If one partner has significant assets prior to the marriage, a cohabitation agreement can help ensure that those assets are protected in the event of a divorce. Additionally, the agreement can also dictate how assets that are acquired during the marriage will be divided.
Another benefit of a cohabitation agreement is that it can minimize conflict during the divorce process. If a couple has a cohabitation agreement in place, they will already have a plan for how to divide their assets. This can help prevent arguments and conflicts during a time when emotions are running high.
It is important to note that a cohabitation agreement must be created carefully and thoughtfully. Both partners should be involved in the drafting of the agreement, and both should have separate legal representation. Additionally, it is important to ensure that the agreement is legally binding and enforceable.
In conclusion, a cohabitation agreement can be a valuable tool for protecting each partner in a marriage. It offers legal protection for individual assets and can help minimize conflict during a divorce. If you are considering a cohabitation agreement, it is important to work with an experienced attorney who can help guide you through the process and ensure that the agreement is legally sound.