At Align Family Law, we understand that modern relationships come in many different forms. Cohabitation, the act of living together without the formalities of marriage, is an increasingly common choice for couples in British Columbia. While love and trust are the bedrock of any partnership, it’s equally important to acknowledge the legal complexities that can arise when sharing your life and assets with another person. A cohabitation agreement can offer invaluable peace of mind and protection for both partners.
Similarly, a marriage agreement is a contract signed by a couple either before they marry or shortly after their wedding.
In this blog, our team of British Columbia marriage & cohabitation agreement lawyers breaks down what exactly cohabitation agreements are and their advantages.
What is a Cohabitation Agreement or Marriage Agreement?
Think of a cohabitation agreement or marriage agreement as a personalized roadmap for your relationship. It’s a legally binding contract tailored to your unique circumstances, outlining each partner’s rights and responsibilities in various areas in the event of separation. Generally, these agreements outline the following topics:
Property Division: Clearly defining how assets and debts acquired before and during the relationship will be divided if separation occurs. This includes real estate, investments, vehicles, and even pets.
- Spousal Support: Establishing whether one partner will provide financial support to the other after separation, and if so, the amount and duration of such support.
- Shared Expenses and Debts: Detailing how everyday expenses like rent, utilities, groceries, and joint debts will be handled during the relationship and in case of separation.
- Inheritance and Wills: Addressing how assets will be distributed upon the death of one partner, ensuring that wishes are respected and potential conflicts avoided.
- Dispute Resolution: Outlining a preferred method for resolving disagreements, such as mediation or arbitration, to avoid costly and adversarial court battles.
Why Cohabitation Agreements Are a Wise Choice for Non-Married British Columbia Couples
A cohabitation agreement isn’t a sign of pessimism about the future. Instead, it’s a proactive measure to safeguard both partners’ interests and provide a clear path forward in case the unexpected happens. It’s like an insurance policy for your relationship.
Obtaining a cohabitation agreement is prudent because the law can impose unexpected obligations on couples living together, even if they aren’t married.
By creating a cohabitation agreement, you have the opportunity to opt out of certain legal obligations, allowing you and your partner to decide in advance how you’ll handle financial matters, property division, and support obligations if the relationship ends. Without an agreement, you may find yourself subject to default legal provisions that don’t align with your intentions or circumstances.
Cohabitation and marriage agreements can be customized to reflect your specific values, goals, and financial situations. This flexibility allows you to create a document that truly works for you.
By openly discussing and documenting expectations regarding finances, property, and other important matters, cohabitation agreements can prevent misunderstandings and conflicts that might arise in the absence of a clear agreement.
Cohabitation doesn’t mean giving up your individual rights and assets. A cohabitation agreement can safeguard your separate property and ensure that you retain control over your financial future.
Far from being a negative exercise, creating a cohabitation agreement can actually strengthen your relationship. It fosters open communication, mutual respect, and a deeper understanding of each other’s needs and concerns.
Who Should Consider a Cohabitation Agreement?
Cohabitation agreements aren’t just for couples with complex finances or significant assets. They can be beneficial for any unmarried couple who wants to:
- Establish clear expectations by defining their roles and responsibilities within the relationship.
- Protect their individual interests and safeguard their separate property and assets.
- Plan for the future by ensuring a fair and equitable outcome in the event of separation.
- Avoid conflict and uncertainty and minimize the potential for disagreements and misunderstandings.
Contact the Cohabitation Agreement Lawyers at Align Family Law in British Columbia
At Align Family Law, we believe that preparing for life’s unexpected twists and turns always pays dividends. Cohabitation agreements are an investment in the future of your relationship. Our experienced team can guide you through the process of creating a comprehensive and legally sound agreement that reflects your unique circumstances and priorities.
Don’t leave the future of your relationship to chance. Contact Align Family Law today to learn more about how a cohabitation agreement can provide clarity, security, and peace of mind for you and your partner. We’re here to help you build a strong and lasting foundation for your life together.
