Cohabitation Agreement in NJ: Protecting Your Interests as an Unmarried Couple
Cohabitation has become a common arrangement for many unmarried couples in New Jersey. According to the U.S. Census Bureau, about 7.5 million unmarried couples are living together in the United States. While cohabitation has its benefits, such as sharing expenses and building a life together, it also has its risks. Unlike married couples, cohabitating partners do not receive the same legal protections, especially in matters like property, assets, and debts.
That`s why it`s essential to consider a cohabitation agreement, also known as a living together agreement or domestic partnership agreement. A cohabitation agreement is a legal contract that outlines the rights and responsibilities of each partner during the relationship and in case of separation. It covers various issues such as property ownership, asset division, support obligations, and even pet custody.
In New Jersey, cohabitation agreements are legally binding if they meet specific requirements. Here are some essential elements to consider:
1. Put it in Writing: A cohabitation agreement must be in writing and signed by both parties. Oral agreements are not enforceable in court.
2. Full Disclosure: Both partners must fully disclose their assets, income, and debts to each other. This ensures that each partner is aware of what they`re getting into and can make informed decisions.
3. Terms and Conditions: A cohabitation agreement must specify the terms and conditions of the relationship, such as property ownership, financial contributions, and obligations towards any children.
4. Review and Update Regularly: Cohabitation agreements should be reviewed periodically to ensure that they reflect the current situation accurately. Any significant changes in the relationship, such as a change in income or the birth of a child, should prompt an update to the agreement.
5. Consult Legal Expertise: It`s essential to seek legal advice from an experienced attorney to ensure that the agreement complies with New Jersey laws and adequately protects your interests.
A cohabitation agreement can provide peace of mind and protect your interests in case of a break-up or dispute. It can also help avoid costly legal battles and provide a clear understanding of each partner`s obligations. If you`re considering cohabitation with your partner, it`s worth discussing the benefits of a cohabitation agreement with legal counsel.
In conclusion, cohabitation can be a practical and fulfilling choice for unmarried couples in New Jersey. However, it`s essential to be aware of the risks and take steps to protect your interests. A cohabitation agreement can provide security and clarity, ensuring that both partners are aware of their rights and obligations during the relationship and in case of separation. Consult an experienced attorney to help you draft a comprehensive and legally binding cohabitation agreement.
