When it comes to property ownership, unmarried couples face unique challenges. Unlike married couples, they don`t have the automatic legal protections provided by marriage laws, making it crucial for them to have a comprehensive property agreement in place.

A property agreement, also known as a cohabitation agreement or a domestic partnership agreement, is a legal document that outlines the rights, responsibilities, and expectations of each partner regarding the ownership and management of shared property. It`s a crucial step for unmarried couples to safeguard their interests, protect their assets, and avoid potential disputes down the line.

Sample Property Agreement for Unmarried Couples

When drafting a property agreement, it`s essential to consult an attorney with experience in family law. However, the following template can provide an idea of what a typical agreement may include:

1. Introduction

The agreement should start with a brief introduction stating the names of the parties involved, the date the agreement was signed, and the purpose of the document.

2. Property Ownership

The agreement should specify the property that the couple currently owns, or plans to acquire together in the future. It should specify the type of ownership (e.g., joint tenancy with rights of survivorship, tenants in common, etc.) and the percentage of ownership each partner holds.

3. Division of Expenses

The agreement should outline how the couple will divide expenses related to the property, such as mortgage payments, property taxes, utilities, repairs, and maintenance. It should specify the percentage of each party`s contribution and how they will pay for these expenses.

4. Management of the Property

The agreement should specify the management responsibilities of each partner, such as who will handle repairs and maintenance, collect rent, pay bills, and communicate with tenants or property managers.

5. Dispute Resolution

The agreement should include a section on dispute resolution, stating how the couple will handle disagreements related to the property, such as mediation or arbitration.

6. Termination of the Agreement

The agreement should specify when and how the agreement could terminate, such as if one partner decides to sell their share of the property or if the couple breaks up.

Conclusion

A property agreement is a vital tool for unmarried couples to protect their rights and interests when it comes to shared property. It`s crucial to consult with an experienced attorney who understands the unique challenges of cohabitation and can help draft a legally-binding agreement that meets the couple`s specific needs. By having a comprehensive property agreement in place, unmarried couples can enjoy peace of mind, avoid legal disputes, and protect their assets in the event of a breakup.