A domestic partnership agreement, also called a cohabitation agreement, is a contract between you and your partner that allows you to document the legal rights and responsibilities of each person in the relationship. Couples who choose not to marry do not have access to many of the property protections available to married couples. Thus, many people find it useful to specify in advance the division of debts, assets, and other responsibilities in a relationship. A cohabitation agreement provides clarity with respect to division of property in the event of dissolution of the relationship or in conjunction with estate planning.
For couples who have married or intend to marry, a prenuptial agreement (if prior to marriage) or postnuptial agreement (if after marriage), is a useful way to determine division of assets and debts in case of dissolution of the relationship. In addition to creating an advanced agreement about the character and division of assets in case of divorce, prenuptial and postnuptial agreements are used to protect children from prior relationships, protect a family business, or to safeguard one individual from the debts of the other.
If you have questions about marital agreements, domestic partnership agreements or cohabitation agreements, contact us.