29 Mar What do you need to know about Co-habitation?
Cohabitants are the fastest growing family type in the UK? Having more than doubled since 1996.
Many couples choose to live together and have done so for many years, they may even have children together. But often we find these types of families are often unaware that they have very little rights if the relationship breaks down.
When couples start living together, especially in later life, they live together in a property already owned by one of them. In these cases it is very important to discuss what each person will pay and the implications this will have. It is particularly important that couples decide whether the new partner will pay anything towards the mortgage or the upkeep of the house.
As the legal owner of a property, it may not be your intention to give your partner an interest in your property but, in certain circumstances, this can happen. As a result, failure to discuss your intentions with your partner and keep a record of the agreement you have reached, could result in a dispute, if the relationship breaks down.
Therefore, as a cohabitant, you may wish to consider entering into a ‘Cohabitation Agreement‘ at the start of your relationship to reflect the agreement reached between you and your partner regarding individual assets.
If you have recently moved in with your partner, or indeed are considering doing so in the near future, you may wish to seek advice on how to protect your assets should the relationship break down. Alternatively, you may just want peace of mind by knowing your rights before you start co-habiting.
How can Linder Myers help you?
If you are cohabiting, or are about to, you may wish to draft your co-habitation agreement sooner rather than later.
You may also need to consider what you want to happen when you die. Unmarried couples do not have the same rights when it comes to death and as such, unless you have a will, your partner will not inherit your assets upon your death.
For more information on how we can help you and try to safeguard your future, please call us on 02382 148019 or use the pop-up box on the website.