What is a Cohabitation Agreement in New Jersey?
Unmarried couples can use cohabitation agreements to preserve their legal and property interests without needing to rely on marriage.
You can use a cohabitation agreement to create legally enforceable terms for how you and your partner will handle the legal and economic aspects of your partnership while together, or in the event you go your separate ways.
For example, even if you have a long-term partner that you cohabitate with, you may not have the ability to make medical decisions on their behalf – a right you would get if you were married. You can use a cohabitation agreement to state that one party can make medical decisions for the other using medical power of attorney, which is established through a living will.
Additionally, you can use your cohabitation agreement to state one party should receive support or “palimony” if the relationship ends, dictate what happens to any property both parties own if one should die or the relationship should end, state that each party is a beneficiary in the other’s will, and more.
At Ziegler Law Group LLC, our Livingston cohabitation agreement lawyers will help you pursue a cohabitation agreement that suits your needs. To schedule a consultation with our team, contact us online or via phone at (973) 533-1100.
How Do I Make a Cohabitation Agreement?
Cohabitation agreements typically contain the following information:
- A statement, signed by both parties, that the cohabitation agreement is intended to be legally binding;
- The full names, addresses, and ages of the parties, as well as a total disclosure of the property they own;
- A duration limit for the cohabitation agreement;
- How the parties will delegate property during their cohabitation and in the event their relationship ends;
- How the parties will distribute income and expenses during and/or post-relationship;
- How the parties intend to take care of any inheritances or wills they may receive or intend to draft;
- A procedure for changing the terms of the cohabitation agreement if either party feels the current terms are no longer relevant
- How you and the other party intend to handle mixed assets, if you wish to engage in behavior such as opening a joint a bank account;
- Any additional addendums you find necessary.
Both parties must enter into the agreement voluntarily, fully disclose their assets and liabilities before entering into the agreement, and sign it. A witness must be present at the signing. If the terms of the agreement are unconscionable to either party or the above terms are not met, a court may consider the agreement invalid.
Our Livingston cohabitation agreement attorneys can help you draft a legally binding cohabitation agreement that protects your rights and interests. To learn more, contact us online or via phone at (973) 533-1100.
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