Many couples are in committed, long-term relationships but have decided not to be married. These may have able to be financially involved. If you and your partner are not married but have joint assets and liabilities, you may want to consider a cohabitation agreement.
A cohabitation agreement is like a prenuptial agreement, but for non-married folks. This can give you some protection in the event of a breakup. If you do not have any type of agreement, it can get very messy dividing these assets as a non-married couple. To ensure you and your partner will be treated fairly, a cohabitation agreement could help.
Include all joint property, debt, assets, inheritances, estate planning, and health care decisions into this agreement. Decide who will keep what assets and liabilities. It’s better (and fairer) to make these decisions as a couple. If you have a pet, you can also include it in your cohabitation agreement to ensure they are cared for.
Most states view a cohabitation agreement as a valid legal contract, but not all states do. Do your research to see if your state will take this agreement. If your state accepts a cohabitation agreement, your assets will be split precisely how you want. If you don’t have this agreement, a court could decide this for you and not consider everyone’s best intentions.
