If you`re thinking of moving in with your partner and you want to protect your individual rights and responsibilities, it`s a good idea to consider creating a living together agreement form.
A living together agreement form, also known as a cohabitation agreement, is a legally binding agreement that outlines the details of cohabitation between unmarried partners. This agreement can help you and your partner clarify expectations, manage finances, and establish boundaries.
Here are some important aspects to consider when creating a living together agreement form:
1. Financial Considerations
First and foremost, it`s important to discuss the financial arrangements for your cohabitation. This should include how bills will be split, who pays for groceries, and how rent or mortgage will be divided. You should also outline how joint expenses (such as vacations or home repairs) will be funded.
Additionally, you can list the individual assets and debts that each partner brings to the relationship. This can include bank accounts, investments, or outstanding loans. By keeping this information documented in your agreement, you can ensure that each partner`s financial situation is respected.
2. Property and Asset Division
It`s important to outline how property and assets will be divided should the relationship end. This is especially important if one partner owns the home or has significant assets. You can outline how property will be divided in the event of a break-up, including how the proceeds from a sale will be split.
3. Responsibilities and Expectations
In addition to financial considerations, it`s important to outline responsibilities and expectations. This can include detailing your cleaning schedule, how household chores will be divided, and whether you`ll have joint or separate bank accounts.
You can also outline expectations for behavior, such as whether you`ll have overnight guests or how you`ll handle disagreements.
4. Legal Considerations
Lastly, it`s important to understand the legal implications of creating a living together agreement form. It`s a good idea to have the agreement reviewed by an attorney to ensure that it`s legally binding and enforceable.
Overall, a living together agreement form can help you and your partner establish clear expectations and boundaries for your cohabitation. It can also help protect your individual assets and rights should the relationship end. So if you`re considering moving in with your partner, it`s worth considering creating a living together agreement form.