Today, family structures come in many different forms. Couples may choose to legally marry or simply live as though they were married. If the latter sounds like your situation, you are probably living as adult interdependent partners in Alberta. Although this kind of living arrangement does not constitute a formal marriage, there may still be legal implications. For this reason, you may want to consider implementing a cohabitation agreement.
The family lawyers at Verhaeghe Law may be able to assist you and your partner as you navigate your legal options. Contact us today to schedule a consultation.
When Do You Need One?
Instead of using the term “common law”, unmarried couples in Alberta are known as adult interdependent partners (AIPs). The Adult Interdependent Relationships Act clearly lists their legal rights, protections, and obligations.
An adult interdependent relationship is normally defined as couples who have lived together for at least three continuous years and in some permanence for that time (if they share a child). AIPs may also create a formal adult interdependent partner agreement, which they both sign.
If you are living in an adult interdependent relationship, it may be time to consider a cohabitation agreement. This notarized document is signed by both parties and gives AIPs the opportunity to outline their roles and obligations in the relationship. It can also outline what will happen should the couple separate.
Protect Your Property and Assets
A huge benefit to creating a cohabitation agreement is that you can protect any property or assets that were acquired before your partnership began. If you do decide to terminate your relationship, you can outline what will remain as your property and as their property.
In addition, a cohabitation agreement can outline how to divide up property and assets that were acquired throughout the course of your relationship. This gives couples the power to create a customized plan that best suits their preferences and circumstances. Without one, your partner may have a legal claim to some of your shared assets should you separate.
Financial Transparency
To create a cohabitation agreement, both parties must be completely honest about their financial situations. Along with assets and property, the agreement can include a plan for savings and debts that are accumulated throughout the relationship. Without one, you run the risk of being held responsible for any debt accrued by your partner during your time together.
This provision can be especially helpful if one partner earns considerably more income than the other. Both parties may want to consult with an Edmonton family lawyer to ensure that they are properly protected.
Legal Clarity if You Separate
A cohabitation agreement can also help you avoid future disputes should you separate from your partner. This can be hugely beneficial because disputes can be costly and time-consuming. Cohabitation agreements establish clear expectations and can minimize legal contests over issues like division of property or financial support.
Plus, your agreement can lay out a plan for co-parenting if there are children in the relationship, as well as partner support. An outline such as this can provide both partners with a sense of security and streamline the separation process should it occur.
Contact Us Today to Learn More
Though they are not required by law, a cohabitation agreement is invaluable for ensuring that you and your partner are fully protected under any circumstances. Although it may be unpleasant to think about the end of your relationship, cohabitation agreements can provide all parties peace of mind.
If you would like to find a way to secure your assets and put a plan in place, contact us at Verhaeghe Law to speak to a family lawyer and go over your next steps.
** Please note, this article is intended as a general overview on the subject of family law, and is not intended to be legal advice. If you are seeking legal advice, please consult with an Alberta family lawyer.