Do you need a “living together” agreement?
Particularly for women with children, living together agreements have been gaining popularity as a way of protecting themselves if a serious relationship ends, but also as a way to provide crucial support for children in a time that could become tumultuous.
Some single moms may be wary of getting married, yet would like to share a household with their partner. A living together agreement is an agreement that will spell out financial and legal aspects of an unmarried relationship if it should end.
The most common parts of a living together agreement would cover the following:
- Who owns what “big ticket” items
- How property will be divided in the event of separation
- If one partner already owns a house, does that partner retain it
- Whose debts are whose
- How household expenses will be split between partners
- If renting or leasing a residence, whose name(s) should be on the agreements, and who will retain it should separation occur.