With love in the air and Valentines bringing couples together, it may be time to discuss a Cohabitation Agreement with your partner. Cohabitation Agreements are used to protect party’s interests in the event that the relationship ends. Generally it is easier for parties to agree on matters while the relationship is still amicable.
Cohabitation Agreements cover a wide range of issues including:
- child and spousal support;
- division of assets when the relationship ends;
- who owns joint property, individual property, gifts, and inheritances; and
- entitlement to the estate of your partner.
Also Cohabitation Agreements are not just for young couples or newly-weds. They can be especially helpful if you have a blended family or are involved in a relationship later in life and want to protect your grown children’s inheritance.
If you have a Cohabitation Agreement we suggest reviewing it every 2 years or in the event of major life change (i.e. marriage, children, or loss of job) to ensure that it still operates fairly.
For more information, contact Megan Amanda McLeod at Pearce Schneiderat 250-492-0907.