UNMARRIED COUPLES MAY WANT A COHABITATION PROPERTY AGREEMENT

For unmarried couples in Arizona, there are not many legal rights that extend to the relationship, even if the two people are quite dedicated to each other and have been together longer than many people have been married. Therefore, it may be worth considering a cohabitation property agreement. It can lay down some regulations about the property that the couple owns.

After all, as with any other relationship, jointly-owned property is highly likely to be purchased after a lengthy relationship. This could include smaller items like a kitchen table or the living room furniture, or it could even include expensive purchases like a home or a car.

With a cohabitation property agreement, both partners know their rights and they know that their ownership of these items is protected. The agreement may address the following:

— Who owns specific assets that are not jointly owned. It can also specify that some items are owned by both people and how they should be divided, if necessary.

— If income is meant to be shared or if each person has his or her own income. The agreement can also touch on the sharing of expenses

— Who will own any new assets that are purchased in the future

— How the couple will deal with things like credit cards, bank accounts, insurance policies, and more

— How different assets will be divided or distributed if the couple decides to separate. In many ways, this is similar to a prenuptial agreement.

Some couples may not enjoy talking about what they’ll do if they split up. However, it’s very important to know what will happen in advance and what rights they have.

Source: FIndLaw, “Cohabitation Property Rights for Unmarried Couples,” accessed Feb. 05, 2016

Tags: Unmarried Couples