Cohabitation Agreements in British Columbia" width="1920" height="1080" />
There’s often a learning curve you experience when moving in with someone. Whether you’re a newlywed or just taking a new step in your relationship, you begin navigating living with another person’s habits that may be different than yours and often have to manage finances and assets differently.
When planning for the future, there is an extra challenge present when it comes to protecting your assets and defining financial responsibilities. A cohabitation agreement (for common-law couples) or a marriage agreement (for legally married couples) serves as a contract between partners with agreed-upon responsibilities and an established division of assets, should the relationship end.
Whether you are currently living together or planning to do so, these agreements can provide clarity and security for couples.
In this blog, our team of marriage & cohabitation agreement lawyers explain what cohabitation agreements are and why they can be beneficial.
A cohabitation agreement (for common-law couples) or marriage agreement (for legally married couples) is simply a contract between two people who are living together already or are planning to live together or marry.
A cohabitation or marriage agreement is often used to protect the property each party brings into the relationship, should the relationship end. It can also set out your intentions for how you and your spouse are going to arrange your finances and affairs while you live together and whether spousal support would be paid if the relationship ended .
In British Columbia, parties are spouses once they legally marry, or upon living together in a marriage-like relationship for at least two years. Unless spouses agree otherwise, upon separation each spouse has a right to an undivided half interest in all “family property” and is equally responsible for all “family debt”. A cohabitation agreement can allow you to contract out of dividing your property and can allow you to keep what you brought into the relationship and any increase in value. You can also stipulate that you will not be responsible for each other’s debts.
These agreements aren’t just for the wealthy! If you are bringing property or assets into the relationship, or if either party has children from a previous relationship, a cohabitation agreement can help you clarify and set out your respective expectations. They can be a useful tool for any couple wanting to agree upfront how property and other financial issues will be resolved should the relationship end.
At Align Family Law, we believe in price transparency . After our initial meeting, we provide a quote so you know exactly what your cohabitation agreement will cost and what it will include. Our cohabitation agreement packages range between $2,000 and $2,500 plus taxes, based on the complexity of the issues.
Our packages do not include negotiating changes with the opposing party or the opposing party’s lawyer or preparing or exchanging significant financial disclosures . These steps will require a full-service retainer and will be charged at our regular rate of $350/hour.
British Columbia has specific requirements for a cohabitation or marriage agreement to be enforceable. If you are interested in learning more about marriage agreements or cohabitation agreements in British Columbia, schedule your free consultation today .