Unmarried Couples Living Together Should Consider Cohabitation Agreements

June 28, 2012 (Press-News.org) Unmarried Couples Living Together Should Consider Cohabitation Agreements

More unmarried couples live together today than ever before. The number of 30- to 44-year-olds cohabitating has doubled since the mid-1990s and marriage for many unmarried couples living together may no longer be the end goal. According to a survey conducted by marketing communications agency JWT, almost half of the female respondents who had never been married preferred a committed, long-term relationship to marriage. Nearly 70 percent of the male respondents agreed.

Although unmarried couples who live together may feel they avoid the trappings of marriage and the possibility of divorce, many similar finance and property issues can still appear if the couple ultimately breaks up. Young couples may not bring much to a shared space besides debt, but as finances and assets are accumulated and shared, so too is the desire to know who gets what in a split. Older couples may decide that one person pays the mortgage and the other person pays for personal items in the home; however, when the going gets tough both individuals may feel they have an ownership interest in the house or furnishings. A cohabitation agreement can help settle these issues.

Cohabitation agreements can outline the expectations of a relationship and, just like a prenuptial agreement, they can create a formula for asset division should the relationship end. There is no need for complex language in a cohabitation agreement - in fact it is probably better to use language that is simple to understand. Some items that can be addressed in a cohabitation agreement are:
-Property From Before the Relationship: Many people want to retain items received before a relationship begins. Parties who want to do this should write down who owns what so there is no confusion.

-Property Accumulated During the Relationship:It is hard to determine ownership of shared property without a plan. Therefore it is important to define how property acquired throughout the relationship should be addressed. For example, parties can decide who gets the house if it is not in both parties' names, what happens to the furniture and who gets the pets.

-Expenses: It is also important to decide how expenses will be paid. Expenses can be divided equally, divided proportional to income, or income can be shared and expenses paid from the same account.

At the same time that many heterosexual couples prefer to live together as unmarried partners, many same-sex couples who live together wish they had the legal benefits of marriage. While same-sex marriage is not yet legal Colorado, cohabitation agreements can provide the benefits and safeguards of a prenuptial agreement for same-sex couples.

If you share living space with a significant other and want to formally set expectations in the relationship with a cohabitation agreement, contact an experienced Colorado family law attorney.

Article provided by The Law Offices of W. Robert Montgomery
Visit us at http://www.colorado-family-lawyers.com