Cohabitation is when you are living with someone else, but you are married to them.
There are many things that can go wrong and end you up financially out of pocket, or without a place to live.
These normally occur at the end of the relationship: a messy break up or any other unexpected event that ends the relationship can easily throw a spanner in the works.
It is very sensible to take precautions against these.
There are two main precautions that are very sensible to make.
1.
Make a complete will.
Each member of the partnership should make a will that will say what should happen to their shares any property that they live in, what should happen to their possessions and all of their assets.
Otherwise they will all pass under the intestacy rules, meaning a relative or a spouse will be given the assets.
This can often be a disaster for anyone you live with if whoever ends up with the shares in the property wishes to sell them, forcing the sale of the entire property.
Don't forget if you marry your will becomes invalid and you will need to amend it! 2.
Make a Cohabitation Agreement.
A Cohabitation agreement is vital as the law does not provide much protection to the rights of couples who live together and are not married.
This agreement will be enforceable by law and will help the couple to fully consider the terms of living together.
A cohabitation agreement is simply the recorded terms of the cohabitation and the arrangements that have been agreed.
Things that need to be agreed upon include the property, bills, money and what will happen if the couple decides to separate.
Making the agreement can create a bond and it will show the intent and the purpose of living together.
It will allow the participants to think fully about the financial implication of cohabiting and it consider any ramifications of separation.
This agreement will prevent endless arguments both during and after the relationship.
It is if anything, more important then making a will.
Cohabitation is very different from marriage, therefore the law treats it very differently.
There is no such thing as a "Common law" wife or husband and people living together have no obligation to support each other during or after the relationship, unlike marriage when spouses have an obligation to both.
This can be both an advantage and a disadvantage to many people.
There are many things that can go wrong and end you up financially out of pocket, or without a place to live.
These normally occur at the end of the relationship: a messy break up or any other unexpected event that ends the relationship can easily throw a spanner in the works.
It is very sensible to take precautions against these.
There are two main precautions that are very sensible to make.
1.
Make a complete will.
Each member of the partnership should make a will that will say what should happen to their shares any property that they live in, what should happen to their possessions and all of their assets.
Otherwise they will all pass under the intestacy rules, meaning a relative or a spouse will be given the assets.
This can often be a disaster for anyone you live with if whoever ends up with the shares in the property wishes to sell them, forcing the sale of the entire property.
Don't forget if you marry your will becomes invalid and you will need to amend it! 2.
Make a Cohabitation Agreement.
A Cohabitation agreement is vital as the law does not provide much protection to the rights of couples who live together and are not married.
This agreement will be enforceable by law and will help the couple to fully consider the terms of living together.
A cohabitation agreement is simply the recorded terms of the cohabitation and the arrangements that have been agreed.
Things that need to be agreed upon include the property, bills, money and what will happen if the couple decides to separate.
Making the agreement can create a bond and it will show the intent and the purpose of living together.
It will allow the participants to think fully about the financial implication of cohabiting and it consider any ramifications of separation.
This agreement will prevent endless arguments both during and after the relationship.
It is if anything, more important then making a will.
Cohabitation is very different from marriage, therefore the law treats it very differently.
There is no such thing as a "Common law" wife or husband and people living together have no obligation to support each other during or after the relationship, unlike marriage when spouses have an obligation to both.
This can be both an advantage and a disadvantage to many people.
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