Unmarried couples are now advised to draft a Cohabitation Agreement (also known as a ‘No Nup’ Agreement) setting out the financial terms upon which they will live in the relationship and what will happen in the event that it breaks down.
These agreements are becoming increasingly popular as a way of unmarried couples protecting themselves when they separate. As such couples do not enjoy the same rights regarding financial matters as do married couples, it is always a good idea to consider what might happen to the division of the home and other assets if the relationship breaks down.
This agreement should set out how long the period of the Cohabitation Agreement should last and it should include an option for it to be reviewed on a regular basis (say every 5 years) so as to ensure its validity. The legal status of a Cohabitation Agreement is that it decreases the chances of there being a legal battle over the house and is a formal deed and is binding the same way as any agreement between two parties.
Furthermore, it is also advisable for unmarried couples to create a Will to set out their wishes in the event of their death.
In the event that you do decide that it’s better to be safe than sorry, please contact a member of our team for an urgent appointment or email us and we will get back to you as quickly as possible.