Whether you are going to get married or just move in with your partner, it’s a good idea to have a contract. You can opt for a prenuptial agreement before you get married or create a cohabitation agreement if you plan to live together as if you are a married couple.
It’s true that prenuptial and cohabitation agreements aren’t always viewed in the best light, but they are important. They protect both parties, not just the person who asks for the agreement. The agreements help get the couple’s finances straight before marriage or cohabitation, and then they can make arrangements and agreements based on what they want to see happen during the relationship and in the future if they divorce or separate.
The main reason a prenuptial agreement or cohabitation agreement is a good idea is because it makes you and your partner talk about your finances. Not knowing where your finances stand is bad for a relationship, and it can mean starting a relationship on a rocky foundation.
Taking time to design a prenuptial agreement or cohabitation agreement also gives you a chance to designate separate property now, so if you ever do split up, you’ll know which property is separate and which is marital or has been collected together. This is particularly important if you want to guarantee that your assets and debts stay yours or your partner’s.
Our website has more information about the benefits of contracts like prenuptial or cohabitation agreements. With the right choice now, you can save yourself a hassle if you ever split up from your partner.