It may not be the most traditional of Valentine’s gifts, but unmarried couples who are living together would be advised to ditch the chocolates or flowers this February and consider making a cohabitation agreement instead.
According to the latest figures from the Office for National Statistics, the number of cohabiting couples in England and Wales increased by around 144% between 1996 and 2021 from 1.5 million in 1996 to 3.6 million.
Today, almost a quarter of couples who live together choose to cohabit rather than get married or become civil partners, up from 20.6% from 2011, and an increase across all age groups under 85 years.
However, despite cohabitation becoming a popular choice for couples in England and Wales, unmarried couples who choose to live together are not afforded the same legal rights as those who marry or become civil partners.
If a relationship between an unmarried couple breaks down, the same rules do not apply, regardless of how long you may have been together or if you have children.
The best way for unmarried cohabiting couples to protect themselves and their assets is to make a cohabitation agreement.
What is a cohabitation agreement?
A cohabitation agreement is a written legal document made between couples who live together that sets out arrangements for finances, property, and children if the relationship ends.
Both heterosexual and same-sex couples can make a cohabitation agreement, which can be reviewed and updated as often as required.
Cohabitation agreements can also be used to protect friends and siblings who live together.
How do you make a cohabitation agreement?
If you are thinking of making a cohabitation agreement, you should seek the advice of a specialist family lawyer.
An experienced family law solicitor will ensure a cohabitation agreement is drafted to suit your circumstances and protects your interests.
For a cohabitation agreement to be legally binding, it must be drafted and executed correctly, and both parties must be honest when disclosing their assets.
Specialist legal advice is vital to avoid any potential issues.
At Bowsers Solicitors, our solicitors in March and Wisbech support clients in the Fens and across Cambridgeshire, Norfolk and Lincolnshire and beyond.
We understand how devasting it would be to end up with nothing if your relationship breaks down or your partner dies and will ensure you have the necessary legal protections in place to give you the security and peace of mind you need.
For more information about cohabitation agreements and to find out how we can help, please call 01945 583194 (Wisbech) or 01354 652606 (March), or email reception@bowsers.co.uk.
What is included in a cohabitation agreement?
A cohabitation agreement outlines how financial matters will be handled between a couple should the relationship end.
Cohabitation agreements are bespoke and are drafted to fit the needs of each couple. Since every relationship is unique and couples have different assets, objectives and priorities, cohabitation agreements are customised to suit the specific concerns of the individuals involved.
Most cohabitation agreements set out who owns what and how assets will be divided if the relationship breaks down. They can include:
- Property ownership. A cohabitation agreement can clarify the ownership and division of both individually and jointly owned property.
- Financial arrangements. Details of how rent or mortgage payments are dealt with, utility bills, groceries and other household expenses will be split, and what happens if one partner puts in a larger deposit for a house can be included.
- Childcare and parenting. If the relationship breaks down, a cohabitation agreement can set out terms outlining arrangements for the care and upbringing of any children, including maintenance payments and visitation rights.
- Pensions. A cohabitation agreement can ensure couples have a right to their partner’s pension.
- Debts. Provision can be included in a cohabitation agreement for how any existing debts are handled or how any debts incurred during the relationship will be managed.
- Wills and inheritance. Cohabitation agreements can specify how assets will be distributed in the event of either partner’s death, and what will happen to any future inheritances.
- Other assets. A cohabitation agreement can include information about what happens to any other assets, such as jewellery, cars, or household pets.
Cohabitation Agreement Solicitors Cambridgeshire
Although we understand that it can be daunting to enter a cohabitation agreement, being without one could be detrimental to you or your cohabitee.
Cohabitation agreements are an excellent way to ensure that you and your family are protected, as they are formatted in a similar way to prenuptial and postnuptial agreements.
Our Cambridgeshire-based lawyers will explain your rights and options to you in a way that is easy to understand, ensuring that you are fully aware of your obligations. In addition, we will work with you to update your existing agreement when necessary.
To speak to one of our friendly yet professional family solicitors and chartered legal executives today, please call 01945 583194 (Wisbech) or 01354 652606 (March), or email reception@bowsers.co.uk.
Alternatively, you can fill in our contact form.
