Creating a cohabitation agreement in BC is a smart decision if you plan to purchase property wit your partner or if you have been in a relationship with one another for a long time. The exact items that you will add into your cohabitation agreement will be different than what someone else adds to it, based on your expenses, property, and assets at the time. These agreements need to be comprehensive and can cover everything in your relationship or you can create one that is specific to just one asset that you are worried about, such as the home.
The two partners will need to discuss what they would like to include in the agreement with the other partner. The final document, which is drawn up by the attorneys of both parties, will list out everything that both want, including anything that you plan to share. Each cohabitation agreement will be unique, but they should include all of the aspects that will show up in the relationship that have to deal with monetary issues including:
- The property that each partner had when they started the relationship.
- The property that the partners accumulated during their relationship together.
- Any property that was bought during the relationship, received as a gift from someone, or property that is inherited.
- Utility expenses, housing, and food.
- What you would like to have don with any property if one of the partners passes away or if the relationship ends.
- Disagreement resolution methods regarding the agreement.
These types of agreements are not going to include some of the personal aspects of relationships like pets, household chores, or children, though it is possible to add these in if the couple so decides. You will need to work with a lawyer before putting anything into the agreement to make sure that it is all done in a legal manner that will be upheld in the courts if something goes wrong and the couple does get into a fight after the relationship is done.
A cohabitation agreement in BC is a smart decision for any couple in a long-term relationship or those who make big purchases with one another. While the relationship is in good standing, you can both bring your attorney’s together to discuss how to divide up assets in case something does not go well. This is one of the best ways to help both partners to protect their assets and keep them safe. Find the right family lawyer to help you create the right cohabitation agreement for your relationship.