Living Together By Agreement

As more and more couples make the choice not to marry, the Government is being called upon to introduce legislative guidance to protect the interest of cohabiting couples.
Why couples decide not to marry is immaterial. But for whatever reason there are now more cohabiting couples living in England and Wales than ever before, with little protection from the law, so that when the parties split up it can, and often does, lead to protracted litigation.
With married couples there is an accepted framework for setting about deciding how to divide the spoils of marriage, with cohabiting couples there is no such framework. So how do parties divide the property, furniture and other joint financial matters?

Stephen Moss, Head of Family Law at Swindon solicitors, Lemon & Co explains; "The importance of a cohabitation agreement in the absence of a marriage certificate should not be understated, particularly bearing in mind increasing property prices which mean two people more often than not need to pool resources to buy their home. The idea is to draw up an agreement, signed by both parties, which dictates what will happen on separation avoiding the necessity to issue legal proceedings. The agreement, a commercial contract in reality, will deal not only with the parties' finances at the time of executing the agreement but will also stipulate what will happen if the relationship breaks down".

"So what should be covered in cohabitation agreements? As stated above with most couples the largest capital asset will be their house. However, where marriage enables a non-property owning spouse to claim entitlement to a share of the equity there is no such protection for non-owning cohabitees - the agreement will aim to set out the exact equity owned by each couple.
Child Maintenance, pension rights and insurance, joint accounts and ensuring each partner has made a will are other important areas which should also be addressed in the agreement and laid out in such a way that each party is satisfied that, should anything go wrong with their relationship, they will not be left with debts or with financial problems".

For information on Family Law Swindon look at the website for these Swindon Solicitors.