Cohabitation Agreements - It is often advisable for parties who are not married, but who own assets together, to enter into cohabitation agreements. Cohabitation Agreements define their rights and interests in the property purchased. For example, when parties go into a business venture, they often make partnership agreements for similar reasons.
Likewise, it is quite reasonable to enter into a Cohabitation Agreement defining what happens if the property is lost, destroyed or damaged, or the parties split up. Cohabitation Agreements also define who owns items of personal and real property and what the other party’s contribution will be to those things. These cohabitation agreements can provide for many of the things the marriage relationship implies, in a contract for parties who do not wish to be married (or cannot be married under law as it currently stands such as cousins).
These agreements help you deal with family, friends, employers, and insurers of your significant other when they can no longer fill that role. The agreements and powers of attorney and titling of assets can work to protect you, your assets and your significant other while doing nothing, leaves you both at risk.