A co-habitation agreement is a written agreement between two domestic partners that choose to live together without getting married. Such an agreement can describe the property rights and anticipated cash flow of living together. A co-habitation agreement can set out what happens to the living situation of each party, what happens to the assets of each party, and what happens to the joint assets of the parties if the relationship ends.
Pursuant to Minnesota Statute 513.075:
“If sexual relations between the parties are contemplated, a contract between a man and a woman who are living together in this state out of wedlock, or who are about to commence living together in this state out of wedlock, is enforceable as to terms concerning the property and financial relations of the parties only if:
(1) the contract is written and signed by the parties; and
(2) enforcement is sought after termination of the relationship.”
A co-habitation agreement can help provide a financial safety net to individuals who are looking at living together in a romantic relationship, but are not looking at getting married. Minnesota does not recognize common-law marriage, so a co-habitation agreement may provide appropriate financial protection to each partner.
Having a co-habitation agreement can help create rules about how property should be divided should the relationship end. Such an agreement can also make the end of a relationship easier because you can minimize the things to fight about.
If you are in a relationship and are planning on living together, or are already, and are not married, you can contact Ken Wasche today to discuss your options with a co-habitation agreement.