Why People Need Cohabitation Agreements
A cohabitation agreement creates a legally, contractually binding agreement between two individuals who live together or plan to live together. The agreement sets out the specific rights and also the specific obligations of both people if the the relationship breaks down. In the event that the couple does break up, the contract sets out who gets which assets and who is responsible to pay for what debts.. Agreeing to matters in a cohabitation agreement while the relationship is healthy is a smart move and should result in less fighting, should the relationship not work out.
What Are The Benefits Of Having A Cohabitation Agreement?
When dividing up assets and debts becomes a legal fight, both people usually pay more in legal fees. Having a cohabitation agreements reduces the uncertainty and disagreements involved in dividing these assets and debts. Ultimately, couples who do not have to go to court save both time and money. Prolonged legal disputes also bear significant emotional costs; having an agreement in place helps to reduce fighting and pain when a relationship ends. These contractual agreements also protect the rights of any children either or both parties in the relationship have.
Who Needs A Contract Before Moving In With Each Other?
Any two people who make the decision to live with one another should ensure that they have a cohabitation agreement. The more assets that are involved, specifically real property like houses or land, the more reasons that these agreements are important from a financial standpoint. Much like holding fire insurance on your home, a contract that protects you and your partner is something you should have in place but hope to never need.
How Edmonton Cohabitation Agreement Lawyers Protect You
When any of the cohabitation agreement lawyers at Kahane Law Office draft your agreement, they will explain what your obligations and rights are. You then have the opportunity to decide, with your loved one, how to handle matters if your relationship breaks down. Our lawyers put great care and attention into properly drafting your agreement. We also highly encourage each party to seek independent legal advice in relation to the agreement. Our primary objective is to ensure all agreements are fair and that our client understands them before they are signed. Please remember: you will need independent legal advice to establish any cohabitation agreement in Alberta.
For more information from our cohabitation agreements lawyers, we offer videos with short segments and basic explanations to keep things simple. Click here to watch our YouTube video on cohabitation agreements.
What Terms Edmonton Cohabitation Agreement Lawyers Include?
We draft these agreements individually. Each client has their own needs, concerns and personal situation. Cohabitation agreements generally include a variety of terms. For example, these include:
- What property people agree to exclude from division;
- How the couple divides debts;
- How people divide the assets each person had going into the relationship;
- Who carries the responsibility for which expenses while in the relationship;
- The manner in which the couple divides assets that the couple bought together;
- Any payment owing for spousal support;
- Rights and obligations during the relationship.
- Who maintains rights to the home the couple lives in after a breakup;
- Who makes fundamental decisions relating to the children (education, religious social, etc); and lastly
- Any other matter specifically agreed to.
Can A Cohabitation Agreement Be Changed?
Sometimes, relationships change. As a result, a couple may wish to change any number of terms in the cohabitation agreement. Like any legal contract or agreement, the parties to the agreement may make changes to the agreement. To do this, both people must agree to the specific changes made. If you would like to amend your agreement, Kahane Law lawyers can help make sure that changes are made correctly and efficiently.
Hiring Edmonton Cohabitation Agreement Lawyers
The family law lawyers at Kahane Law Office in Edmonton understand the all of the complexities of cohabitation agreements in Alberta. We help you understand your rights and obligations, and we protect you and your loved one in the event your relationship ends. Understanding your options is a key part of this process. As such, we review your legal position now and we assess the possible risks you and your partner could face down the road.
Establishing an agreement before you move in together is important. We encourage you to work together while the relationship is strong to make decisions for your future. To discuss drafting a cohabitation agreement, please schedule a consultation with a member of our experienced family law team. Call our Kahane Law Office in Edmonton, Alberta at 780-571-8463 or toll-free at 1-877-225-8817, or email us here today.