Cohabitation Agreement Calgary: A Comprehensive Guide
For many couples, moving in together is a major step forward in their relationship. While it may seem like a romantic and exciting time, it`s essential to take practical steps to protect your relationship and your financial future.
One critical aspect is creating a cohabitation agreement in Calgary. This legal document sets out the rules and expectations for your cohabitation, including financial obligations, property division, and dispute resolution.
In this article, we`ll discuss everything you need to know about cohabitation agreements in Calgary, including what they are, why you need one, and how to create one.
What Is a Cohabitation Agreement?
A cohabitation agreement is a legal document that is designed to protect the legal rights of couples who live together but are not married. It outlines the rules and expectations of the relationship and serves as a contract between the parties.
In Calgary, a cohabitation agreement can cover a range of issues, including:
– Property division: How property will be divided if the relationship ends
– Debt: How debts will be managed during the relationship and divided if the relationship ends
– Financial support: Whether one partner will pay spousal support to the other if the relationship ends
– Rights and obligations: The rights and obligations of each partner during cohabitation
Why Do You Need a Cohabitation Agreement?
A cohabitation agreement is an essential tool for protecting your legal rights and your finances. Some of the key reasons why you need a cohabitation agreement in Calgary include:
– Protection of assets: A cohabitation agreement ensures that your assets are protected, and property division is clear in the event of a relationship breakdown. Without an agreement, property division may be determined by the courts, which can be time-consuming and costly.
– Financial obligations: A cohabitation agreement outlines each party`s financial obligations, including expenses and debts. This can alleviate disputes and ensure that both parties are aware of their responsibilities.
– Legal rights: A cohabitation agreement ensures that each party`s legal rights are protected, including support obligations, property rights, and decision-making authority.
How Do You Create a Cohabitation Agreement?
Creating a cohabitation agreement is a straightforward process. Here are the steps you should follow:
1. Discuss the agreement with your partner: Communication is key when creating a cohabitation agreement. Talk to your partner about why you want to create an agreement and what you hope to include in it.
2. Seek legal advice: A family law lawyer can help you create a cohabitation agreement that meets your needs and is legally binding.
3. Create a list of assets and debts: Make a list of all your assets and debts, including all property and financial assets. This will help you create a comprehensive agreement.
4. Draft the agreement: Once you have discussed the agreement with your partner and sought legal advice, it`s time to draft the agreement. Your lawyer will help you create a document that covers all the necessary details.
5. Sign and notarize the agreement: Once the agreement is finalized, both parties need to sign it. It is also recommended that you have the agreement notarized to ensure that it is legally binding.
A cohabitation agreement is an essential legal document for couples who are living together but are not married. It provides clear rules and expectations for the relationship, protects your legal rights, and ensures that your assets are protected in the event of a relationship breakdown.
If you are living together in Calgary, consider creating a cohabitation agreement to protect your future and create peace of mind in your relationship. Speak with a family law lawyer today to discuss creating an agreement that meets your needs.