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Statistically, more and more couples are living together without getting married.
Many do so believing that by avoiding the ties of marriage, they will keep the financial side of the relationship far more simple. They also believe it will be easier to unravel the financial ties between them, in the event that the relationship eventually breaks down.
Unfortunately, quite the opposite is usually the case. Unravelling the financial consequences of the breakdown of an unmarried relationship, is more often than not, far more complicated (and more expensive) than sorting out the financial issues between spouses on a divorce. This is because there is a fairly clear Statutory framework which covers disputes between spouses. In disputes between non married couples, there is no one Statute or series of Statues which sets down a framework that Solicitors and Judges can refer to when going through the unravelling process.
As such, it is advisable for couples to enter into a written agreement before they begin living together or very soon afterwards. This will set out what their wishes are so far as the home that they live in is concerned, and any expenditure that they undertake on that property either jointly or singly. The agreement will also cover what their intentions are so far as assets which they acquire jointly after they begin living together.
Most importantly of all, the agreement will cover what happens in the event of a relationship breakdown, when the two parties to the relationship want to go their separate ways.
As with most things in life, if it is in writing, and it is done at the time that the parties entered into their agreement to live together, then it is probably a fairly accurate record of what the parties themselves intended. If the couple rely upon what they each remember about their intentions, it is all too often the case that two very different versions of events are remembered by the two parties in years to come. Many relationships last for 10 years or more. Trying to remember accurately what was agreed 10 years down the line is probably unrealistic and can sometimes be coloured by subsequent events in the relationship.
Cohabitation Agreements are straightforward to draw up. They are becoming increasingly common. If well thought out and well drafted, they can provide belt and braces protection against future problems between unmarried partners. They will certainly have a great effect in saving legal fees if and when things do go wrong.
Please click here to view a relevant article from the East Anglian Daily Times (24th October 2006) to which Elizabeth Hodder contributed, entitled "A binding alternative to exchanging vows".
To have a Cohabitation Agreement drawn up, please contact Elizabeth Hodder eah@gross.co.uk
You might also consider making a Co-Ownership Deed.
You should certainly also consider making or reviewing your will[s].
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