If you are living with your partner but are not married, you may not have the same rights as a married couple upon separation, particularly where property and assets are concerned. If you want an agreement to reflect your interests and protect your assets in the event of a separation, then you should consider obtaining a Cohabitation Agreement.
The rules which apply to a divorce couple do not apply to an unmarried couple who are going through separation and, as such, when an unmarried couple separate, there can be real difficulties in resolving financial and property matters in the absence of a Cohabitation Agreement, especially if the assets – including the family home – are owned solely by one party. This being said, you may be entitled to some financial and property relief to meet the needs of any minor children.
A Cohabitation Agreement (also referred to as a Living Together Agreement) is a form of legal agreement which clearly sets out how you and your partner will manage your property and finances in the course of your relationship and in the event of separation. A Cohabitation Agreement can cover various matters and should clearly set out your respective interests in the family home.
A Cohabitation Agreement removes the emotional burden and worry about what would happen if you do separate from your partner and thus preventing future disagreements and costly Court proceedings.