Cohabitation Agreement

Denver, Colorado, Cohabitation Agreement Attorneys

Cohabitations are increasingly common as couples choose to live together for longer periods of time before they wed or go their separate ways. A cohabitation agreement allows the parties involved to specify how expenses are to be handled and how certain property or assets are to be divided. In this way, a cohabitation agreement can define the effects of co-mingling of finances and personal assets, which makes it easier should the parties decide to separate. In this regard, however, it is important to keep in mind that cohabitation agreements are intended for people who do not plan on getting married, A cohabitation agreement does not automatically become to a prenuptial agreement should the parties decide to get married.

If you are planning on living with someone or are currently cohabitating and want to protect your interests and rights, contact family law attorneys at McGuane & Hogan to learn how we can help you.

Why Is a Cohabitation Agreement Important?

When couples marry, any assets or property acquired over the course of their marriage will be defined as marital property by statute. Unmarried couples, however, are not similarly protected. As a result, if you and the person you live with jointly purchase furniture, electronics, even a car or pet, there is no predictable legal way to determine who gets what. A cohabitation agreement allows you to arrive at a means for determining who gets what should you eventually separate and/or how debts are paid while you are together. For instance, you can specify who gets what or you can create a buy-out clause that requires one party to reimburse the other for any items he or she wants to keep. For couples who cannot legally marry this may be a way to formalize your claims and expectations.

What happens If We decide to get Married?

If you decide to get married, a cohabitation agreement can be used as a template for a prenuptial agreement. While a cohabitation agreement does not automatically merge into a prenuptial, many of the same issues and concerns can be addressed by referencing what your cohabitation agreement set in place. If you already have a cohabitation agreement and would like more information about how similar terms can be included in a prenuptial agreement, our attorneys can review your current agreement and advise you as to what is in your best interest.

For more information regarding cohabitation agreements and how we can help you, contact family law attorneys at McGuane & Hogan today.