Cohabitation Agreement in Bc
Cohabitation agreements in BC: What you need to know
More and more couples are choosing to live together rather than tying the knot. But what happens when the relationship ends? Without the protection of marriage, cohabitating couples may be left vulnerable to legal disputes over property and assets. That`s where a cohabitation agreement comes in.
A cohabitation agreement, also known as a domestic contract, is a legal agreement between unmarried couples that outlines the terms and conditions of their cohabitation. It can cover a wide range of issues, including property ownership, support payments, and even custody of pets.
In British Columbia, a cohabitation agreement is governed by the Family Law Act. To be valid, the agreement must meet certain requirements:
– Both parties must enter into the agreement voluntarily and with full knowledge of its implications.
– The agreement must be in writing, signed by both parties, and witnessed by a third party.
– Each party must have independent legal advice before signing the agreement.
– The agreement must not be unconscionable (i.e. one-sided or unfair).
It`s important to note that a cohabitation agreement cannot cover everything. For example, it cannot address issues of child support or custody, which are determined by the court based on the best interests of the child.
So why should you consider a cohabitation agreement? For one, it can provide clarity and certainty in the event of a breakup. By outlining the terms of your cohabitation, you can avoid costly and time-consuming disputes over property and assets. It can also give you peace of mind knowing that you have protections in place.
Another benefit of a cohabitation agreement is that it allows you to customize your legal arrangements to suit your individual needs. Unlike the one-size-fits-all approach of marriage, a cohabitation agreement can be tailored to your specific circumstances and concerns.
If you`re considering a cohabitation agreement, it`s important to consult with a lawyer who is experienced in family law. They can help you draft an agreement that meets all the legal requirements and protects your interests.
In conclusion, a cohabitation agreement can be a valuable tool for unmarried couples who want to protect their assets and avoid legal disputes. By taking the time to create a comprehensive agreement that covers your specific needs, you can enjoy the benefits of cohabitation while minimizing the risks.