If you are living with a romantic partner, but are not interested in getting married, you and your partner may be considering having a cohabitation agreement drafted by a family law attorney. These types of agreements are becoming increasingly important among individuals who want to live together, but do not want to tie the knot. These agreements help to lay out who owns what when money is shared, who is entitled to what in the event of a break up and who gets what in the event that one of the individuals passes away. This is important as both divorce courts and probate courts cannot help you if you lived with someone without one of these agreements and feel you are entitled to more. Here are a few of the the things that should always be included in a cohabitation agreement. 

What Separate and Joint Property the Couple Has

One of the key pieces of information that should be included in a cohabitation agreement is what separate and joint property you and your partner have. If you are buying a home together, this would be joint property. If you have purchased a home yourself and use only your money to pay the bills, this is separate property. When you live together, it can be hard to determine who owns what, so a cohabitation agreement should always lay out who owns what when it comes to expensive items. 

How Income and Debt is Divided or Shared

Another piece of information that should be included in a cohabitation agreement is how income and debt is shared. Do you and your partner have a joint credit card? Who is responsible for paying the bill? What about your bank accounts? Do you both contribute equal amounts of money to it? This information is vital in case you ever split or someone passes away. It shows who is responsible for what and/or what the estate may be responsible for. 

A Plan for Dispute Resolution

The last factor that should be included in a cohabitation agreement is what legal plan there is for dispute resolution. Most cohabitation agreements lay out what will happen if there is a legal dispute. For example, you both may seek to go to mediation and be held to the mediation agreement. Or you may agree to only go to small claims court to enforce the agreement. Always detail what happens if one party doesn't adhere to the agreement. 

Couples who reside together are not given the same legal rights as married couples. But you want to ensure you are protected if you invest money and time into a longer term relationship. A divorce lawyer can help you and your partner draft a cohabitation agreement that details everything about your financial relationship and what happens in the event of a break-up or death.