There are increasing cases in the United States where people like to enter into a live-in relationship without any obligations of wedlock. Cohabitation Agreements are helpful to all such people who want to stay together with no intention of marrying.
Cohabitation Agreements are mandatory and have to be validly executed at The New York court in order to protect the couples’ property and legal interests.
To file a Cohabitation Agreement, each party has to be represented by a separate counsel and it is mandatory for each one of them to make fair disclosure of their property and assets before court in the agreement.
Although this Cohabitation Agreement sounds very simple, it raises a lot of questions which are a matter of concern and are still unanswered. A few of such questions are:
- How will the court divide the property and assets earned during the period of cohabitation in case the couple wants separation for the rest of their life?
- Who will be the nominee for the jointly owned property by the couple if either of them die?
- How much will each party will contribute to the total running expense?
Thus, to enter into any live-in relationship, it is absolutely essential to have the Cohabitation Agreement, recognized by the New York court and the agreement has to be prepared by expert attorneys as this addresses a lot of questions that may arise in future.
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