A Cohabitation Agreement provides security for both partners by addressing how assets, property, and responsibilities regarding children and support payments will be dealt with should the relationship between the cohabitants end, either by separation or death of a partner.
The agreement outlines matters, such as:
- Separation of assets: After separation, any property or items that were owned by one partner before the cohabitation will revert back to being owned by that partner. Any shared property acquired during the cohabitation is divided between partners.
- Debt responsibility: Shared debts, such as co-signed loans that both parties will be responsible for in the event of separation.
- Information on children: Any dependent children that one or both parties have an obligation to support after separation.
- Support payments: Financial support that may be payable to one of the parties depending on financial circumstances after separation.