When Foregoing Marriage, Protect Yourself With A Cohabitation Agreement
While serving clients who live in the greater Philadelphia area, which includes Montgomery, Delaware, Bucks, Philadelphia and Chester Counties, our family lawyers at Astor Weiss Kaplan & Mandel LLP, have noted that more and more individuals are opting not to get married and instead choose to cohabitate with their significant other. Often, individuals intertwine their finances by opening joint bank accounts or buying real estate together, without thinking through how these assets will be divided if the relationship ends.
Because these individuals are not subject to the Pennsylvania divorce laws and protections, they may need to protect their assets in the event the relationship ends. In many cases, that can be achieved with a cohabitation agreement.
How Cohabitation Agreements Work
A cohabitation agreement can be used to protect and define the rights and obligations of unmarried couples. Unlike prenuptial agreements, which are entered into in contemplation of marriage, and which can be enforced under the Pennsylvania divorce code, cohabitation agreements are treated as civil contracts and not entitled to the special considerations given to married couples under the law. However, without these agreements, unmarried couples have limited relief available to them in the courts when trying to untangle their assets.
Cohabitation agreements can be an effective tool for those individuals who are not ready, willing, or interested in marriage, but still want to protect their assets. Cohabitation agreements can address what happens to the residence where the parties live in the event the relationship ends. They can also address how joint bank accounts and other jointly held assets will be divided at the end of the relationship.
Our Attorneys Are Ready To Explain Your Legal Options – Contact Us Today
If you are interested in learning more about cohabitation agreements and how they may be of benefit to you, please contact the family law attorneys at Astor Weiss Kaplan & Mandel LLP. Montgomery, Bucks, Chester, Delaware, Philadelphia, and other local county residents can rely on our firm to handle any of their family law needs including cohabitation agreements. To schedule your initial consultation, you can reach out online or call 215-790-0100.