Romantic relationships are less bound by the need to marry than they were decades earlier. Adults can live together, share their finances and raise a family without ever marrying each other. However, there are institutional benefits to being married, including the rights and protections that you receive if you divorce. Divorcees in Illinois are entitled to an equitable share of their marital properties and are presumed to both have parental rights. Unmarried couples can protect themselves in the event of a breakup by creating a cohabitation agreement, a document that serves a similar purpose as a prenuptial agreement.
Why You Need a Cohabitation Agreement
Most properties that you acquire during a marriage are classified as marital properties, which you each have a fair claim to. The issue is murkier if you have a property dispute after the breakup of an unmarried relationship. The Illinois Supreme Court has denied equitable property rights to unmarried couples in the past. A written cohabitation agreement is a contract that:
- Defines which properties you will divide in the event of a breakup
- Divides the properties in a way that you deem fair
- Creates an obligation for your relationship partner to follow the principles of fairness following your breakup
Cohabiting partners may have many properties that they paid for together or have both invested in, such as a home, vehicle, household appliances, and luxury items. For instance, your partner may have purchased your home on their own, but you may have a financial interest in the property if you have contributed to paying expenses on the household.
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