If you are currently living with your partner, or planning to move in together, it is important to consider a cohabitation agreement. Also commonly referred to as a domestic agreement, a cohabitation agreement outlines the rights and responsibilities of each partner in the event of a separation or break-up.
In British Columbia, cohabitation agreements are recognized and legally binding as long as they are properly drafted and executed. Although it may seem unromantic, having a cohabitation agreement can actually strengthen your relationship by providing clarity and communication on important issues.
Here are some key things to consider when drafting a cohabitation agreement in BC:
1. Property division: A cohabitation agreement can determine how property will be divided in case of a separation or break-up. This includes assets acquired before and during the relationship, as well as debts. It is important to be open and honest about your financial situation and assets to ensure a fair and equitable distribution.
2. Spousal support: If one partner earns significantly more than the other, a cohabitation agreement can address whether spousal support will be paid in case of a separation. This can be a contentious issue, so it is important to ensure that both parties have a clear understanding of their obligations.
3. Children: If you have children together, a cohabitation agreement can address custody, visitation, and child support. This can be especially important if one partner has children from a previous relationship.
4. Dispute resolution: In the event of a disagreement, a cohabitation agreement can outline how disputes will be resolved. This can help to prevent costly and time-consuming court battles.
It is important to note that a cohabitation agreement must be drafted and executed properly to be legally enforceable. It is highly recommended to seek the advice of a lawyer experienced in family law in BC to ensure that your agreement is valid and meets your needs.
In conclusion, a cohabitation agreement can provide peace of mind and clarity in the event of a separation or break-up. It is an important step for couples who are serious about their relationship and want to protect their rights and interests. If you are considering living with your partner, contact a lawyer to discuss your options for a cohabitation agreement.