Very often in our immediate gratification society, we are quick to jump into just about anything because we want everything now. More and more, people are taking to cohabitation instead of or before marriage. While I am not here to give you marriage advice, I would like to share some legal advice. People ask me all the time if they should move in together or buy a house with their significant other (not their spouse). My answer is as most other lawyers would say...."It Depends".....
No one ever thinks their relationship will not work out and when people are in the early stages of their relationship, I hate to be the one who throws the cold water on them. But I have given some pretty consistent advice in this area of the law as with people starting new businesses. While personal relationships and "love" are not a business, it does involve partners and could potentially end in a spilt.
So, I always ask this one question.......If you two were to break up tomorrow, what are your expectations of what would happen to your relationship and any assets as a result of the break up. Sometimes, people have very, very, very different opinions and are shocked and even appalled at what their partners' thoughts are. My advice after this questions is always the same......WRITE IT DOWN!!!
Yes, "Write It Down". Make sure you include things like (if there is a break up):
1. Who gets what assets;
2. Who stays in possession of the house/property;
3. What are the continuing financial obligations and for how long;
4. Who is responsible for downpayments and are they entitled to a credit if a house is sold;
5. Who is going to put the utilities in their name and how quickly that will change if that person moves out;
6. Who keeps what furniture;
7. Repayment plans for debt incurred by one partner who is no longer in the property;
8. AND MOST IMPORTANTLY......WHO KEEPS THE DOG!!!! People love to adopt pets and treat them as their first children, but I can attest first hand that people have cried in my office after a breakup because they lost their dog to their ex.
Having a simple agreement is like having an insurance policy. You hope you never need it, but you are very relieved you have one when you need it. With divorce rates being close to 50%, why wouldn't you plan for this event just in case it happens.
Come see us and we'll help you get a simple agreement together!!!!
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