Premarital, Cohabitation, and Separation Agreements
No one wants to consider that their marriage or common-law arrangement will end, however a premarital or cohabitation agreement offers more then a roadmap to ending your relationship. It also offers a framework for handling money and property issues as you start your lives together.
All marrying couples have a ‘prenuptial agreement’. It’s called ‘divorce law’. A customized premarital and / or separation agreement allows you and your partner to take control of your affairs rather than leaving them in the hands of the government.
Common-law relationships are quite common, yet people don’t know or misunderstand their rights in this type of arrangement. Having a cohabitation agreement ensures everyone concerned understand their rights and are protected.
Some reasons to consider a premarital, cohabitation or separation agreement:
- If one of you have significantly greater assets than the other.
- One of you earns more money or you intend one partner to stop working to raise your family.
- If it’s not the first marriage for one or both of you. An agreement is particularly important when there are children from previous relationships. A prenuptial agreement can ensure that your estate planning is effective and that your assets are distributed according to your wishes.
- One of you has a high debt load
- One of you owns a business. If the relationship ends the business might be considered a ‘joint asset’ without a premarital or cohabitation agreement in place.
Ensure your rights, and those of your family, are protected.
