Asking a loved one to enter into any kind of agreement can often be a sensitive subject. While it may be difficult to think about a time when any marriage or romantic relationship may terminate, there may come a time when it does. Taking preventative measures now may make all the difference, should a marriage or romantic relationship come to an end. Whether prenuptial, postnuptial or cohabitation, an agreement is an excellent way to preserve and protect each other’s assets before things get emotionally charged.
So maybe marriage is not your intended path but you would still like to set some of the legal framework in place to protect your rights in situations where the relationship ends or a death occurs? You have the option of entering into a cohabitation agreement. It is similar to a prenuptial agreement, just without the use of a marriage date as a trigger. Among other things, a cohabitation agreement can address the sharing of living expenses during the course of the relationship, the division of acquired assets/debts in the event of a death or separation and financial support following a relationship’s dissolution. It should be noted that while these agreements are not enforceable in family court, they are enforceable in civil court as a contract between two persons.
Whatever the agreement, the attorneys at BOK Law & Mediation Services can assist with both the drafting and reviewing of agreements to protect your assets and advise you of any future legal ramifications.