It’s very common for couples these days to live together before they tie the knot or perhaps they are not interested in such things as wedding ceremonies or signing papers. But every relationship whether on paper or not can face a few storms that may determine the course of their relationship. Sometimes life leaves unwanted things on the shore and we must be brave enough to face them.

If you have been living with your significant other for a long time and accumulated some property, a property agreement may be your best option. Without these agreements, you may face a long legal battle in court if you decide to end your relationship. Contact a Salt Lake City division of property attorney to protect your property rights.

Cohabitation property agreement

This agreement includes you and your partner and should meet your financial needs. The agreement generally includes:

• Details about the ownership of your assets.
• How you shared your expenses.
• Information about new assets.
• Credit card information, insurance info, bank accounts.
• Distribution of assets if a separation occurs and the process used to dispute the rights to your property.

Your house

It’s easy to have an emotional attachment to your home. It’s the place where you create memories and find shelter. It’s important you include your home in your cohabitation agreement. Some things you should include in your contract:

• Who owns the house? – Whether you choose joint tenants or tenants in common, you must understand what are your rights in each category. A Salt Lake City division of property attorney will be able to explain.
• The amount each partner owns – Also, you can include details about how parts of the house can be distributed or transferred between you. For instance, if one partner owns less, he or she can have a bigger piece of the pie by either remodeling or paying more mortgage.
• Buyout and appraisal – This includes information about who will appraise the house and how long will take to pay it off.
• What will happen if you decide to end the relationship? – How the proceeds will be distributed if the house is sold and what will happen if you decide to keep it.
• Eviction – This means that if someone has been living with you for a long time, you can’t tell them to leave, whether they are on the lease or not. An eviction is requested in court in order to remove the unwanted tenant, in this case, your partner.

Palimony

This term refers to financial support when couples that never married end their relationship. Although is not a legal term, it’s used quite often. Unmarried couples don’t have rights to palimony or spousal support. This is why a written agreement comes in handy. You can only sue your ex partner only if there was a written contract that states details about your finances.

Income and debts

Last but not least, make sure you include details about your income and what will happen if you decide to live separate lives. If one partner makes more money than the other, explain in the agreement what each partner gets to keep in case of a breakup.

Debt is a similar story. There is no marital debts therefore each person is responsible for their own debts. Registered domestic partner may be responsible for some debts related to essential needs such as shelter, food, and raiment.

Contact an attorney

There are many details you may not be able to understand and handle on your own unless you have a Salt Lake City division of property attorney by your side. Contact us today and schedule your initial consultation.