While a simple concubine agreement may be enough to protect your interests, anyone could benefit from professional support. A lawyer can help design an agreement that complies with local laws and meets potential commitments related to cohabitation. Talk to an experienced family law lawyer before signing. In the event of termination, the assets acquired after the conclusion of this Agreement shall be sold and the net proceeds of the sale shall be divided equally between the two partners. All common debts must be agreed with the lender in order to be repaid equally. Other separate real estate and income are kept by the owner. Each partner remains responsible for their personal debts. Since the law does not generally grant legal status to couples who are not married or partners, this agreement is a way to determine the rights and obligations of partners during the relationship and after. However, nine states allow you to create an informal or common law marriage if the following three are accurate: During the relationship, this agreement can be useful in describing how you and your partner manage your day-to-day finances, including the distribution of rent, mortgage, and bill payments. The agreement can also determine which partner owns what – and in what proportion – and allows you to agree on the allocation of your assets (including personal property, savings and other assets) when the relationship falls apart. Property owned before cohabitation and property acquired by a person after cohabitation remains the property of the person who acquired it. However, the assets acquired jointly after the beginning of the cohabitation are the joint property of the two partners. Set financial agreements between you and your partner if you cohabit with this concubinate agreement (also known as No-Nup).
This simple cohabitation agreement protects your acquired assets from cohabitation. It also defines the distribution of the cost of living and the distribution of assets and liabilities acquired during living together. Create this formal agreement so that, if you stop living together, it is clear to who owns what This contract can be terminated upon the occurrence of the following events: once you have entered into this agreement, neither party will be responsible for commitments made solely on behalf of the other party. They are only equally liable for debts acquired in common. . . .