Marriage agreements are legally binding documents that couples create before getting married, outlining the rights and responsibilities of each spouse in the event of divorce or death. These agreements can address issues such as property division, spousal support, and other financial matters, providing a framework for potential disputes in the event of separation.
Cohabitation agreements are legal contracts for unmarried couples living together. These documents define the financial and property arrangements during the relationship, and specify how assets would be divided if the couple decides to separate. Cohabitation agreements help establish clarity and avoid conflicts that may arise in the absence of formal marital status.
A cohabitation or marriage agreement is often used to protect the property each party brings into the relationship, should the relationship end. It can also set out your intentions for how you and your spouse are going to arrange your finances and affairs while you live together and whether spousal support would be paid if the relationship ended.
These agreements aren’t just for the wealthy! They can be a useful tool for any couple wanting to agree upfront how property and other financial issues will be resolved should the relationship end.
