Living Together Agreements
As the English legal system does not offer as much protection to cohabiting couples as it does to married couple, unless careful thought was given at the outset, the consequences in relation to the parties respective assets can be disastrous.
Parties these days often have a Living Together/Cohabiting Agreement drawn up. A living together agreement or cohabitee agreement provides the framework for couples to record their intentions and record their respective contributions.
This will often set aside any fears they parties may have prior to living together and the agreement may comfort parties in the knowledge that if the relationship was to break down, then the agreement that was drawn up and signed will safeguard them financially.
The agreement can include details about property, outgoings, payment of the mortgage, ownership of assets, liability for debt, ownership of bank accounts etc. It is imperative that both parties obtain independent legal advice.
For more information on Living Together/Cohabiting Agreements, please contact one of our family solicitors.