The number of unmarried couples living together surpasses the number of married couples living together by far. Because of the increase in cohabitations, cohabitation agreements are becoming incredibly necessary. Cohabitation agreements are similar to marital agreements, in that they plan for fallouts. A cohabitation contract gives unmarried couples the financial security options of a married pair without having to tie the knot.
If you’re living as an unmarried couple, you might want to consider entering a cohabitation agreement with your partner. Cohabitation agreements are that peace of mind that you never thought to have, but now that you know, you can start one. The Gonzalez Law Group can help you create a cohabitation agreement that can appeal to both you and your partner. The Gonzalez Law Group will clarify the significance of a cohabitation agreement and go over it step by step to make sure you both understand. Call (832) 530-4070 for a free consultation with one of our attorneys.
Overview of Cohabitation Agreements
How do Cohabitation Agreements Work?
Cohabitation Agreements aren’t explicit inside the Texas legislature. Similar to a divorce of a married couple, if a non-married couple splits up and has difficulty dividing ownership of property, the court ends up having a say on the couple’s division of property.
The court doesn’t know the financial background like you do, so why not make the rules yourself before anything happens. By setting up a contract when things are going smooth, you avoid running into conflict in the future, when things can get aggressive and end up sloppy because you want to save time. The more sinister side of this is considering in the event of a partner’s death, you can run into trouble claiming rights to any of your domestic partner’s property, including ones that you build together, unknowingly to others. It can get messier if you have some strain with your partner’s family, and they try to claim rights on a property that belonged to both of you.
Just like a postnup, a cohabitation agreement gets to decide who gets what after a break-up. The best part about a cohabitation agreement is it gets a leeway because, unlike prenups, they don’t have any specific law that governs them. Child support is most likely unallowable inside your contract because there are particular laws dictating child support. Nevertheless, you can include specific things that not included in a typical marital contract. As long as you both agree to the terms, the agreement can act as the law.
Cohabitation agreements are useful in the following type of relationships, not involving marriage:
• You share kids or pets
• You or your partner have a terminal illness
• You’ve been together for a long time and share assets
• You or your partner come from a wealthy family
• You or your partner have received an inheritance
• You or your partner have a high amount of debt
How to Start a Cohabitation Agreement
A cohabitation agreement can include the following:
• Life Insurance details
• Personal property division
• Real property division
• Agreeing to specific terms involving the relationship
• Debt division
• Support (similar to spousal support)
Just like any other contract, a cohabitation agreement has to meet the following guidelines:
- Both parties receive full disclosure of the contract
- Both parties willingly agree to contract terms and conditions
- Agreement must be in writing
- Both parties must sign the contract
Just like most contracts, a cohabitation agreement is amended when need be. The changes can either come at a later date when you’ve accumulated some new asset or wealth or perhaps when a child joins your family.
Unmarried Couples Statistics – If you’re an unmarried couple cohabitating together, you are not alone. According to this page, you’re part of the majority. Reading this article will give you an idea of why cohabitation agreements are so vital to relationships today.
U.S Census Cohabitation Information – The information on this page provides charts based on the U.S census reporting the number of unmarried couples cohabiting. The study breaks down the trend by age group.
Contact a Houston Cohabitation Agreement Attorney
A cohabitation agreement can make things easier if a break-up was to happen. It can be the deciding factor between leaving a relationship in good terms or adding more stress to the emotional side of things. Contact The Gonzalez Law Group if you want to establish a cohabitation agreement.
The Gonzalez Law Group specializes in family law and has attorneys for cohabitation agreements. Call (832) 530-4070 to get a free consultation regarding cohabitation agreements with one of our lawyers. Our attorneys can explain the background on cohabitation agreements and the steps to get it done. The Gonzalez Law Group works with residents in the counties of Harris County, Fort Bend County, Montgomery County, Galveston County, and more.