De Facto Property Agreement

A de facto property agreement, also known as a cohabitation agreement, is a legal document that outlines the rights and obligations of unmarried couples who are living together. While married couples have a range of legal protections for their property and interests, unmarried couples often face uncertainties in the event of a breakup or the death of one of the partners.

A de facto property agreement can help to address these uncertainties by setting out the terms of the couple`s financial and property arrangements. The agreement can cover a range of issues, such as the ownership and division of property, financial contributions, and obligations to each other in the event of illness or death.

One of the key benefits of a de facto property agreement is that it can help to prevent disputes and conflicts between partners. By setting out clear expectations and guidelines, the agreement can help to avoid misunderstandings and disagreements that can arise when couples are unsure of their legal rights and obligations.

Another advantage of a de facto property agreement is that it can provide protection for both partners in the event of a breakup. The agreement can specify how property and assets will be divided, and can also outline any spousal or partner support arrangements.

In addition to these benefits, a de facto property agreement can also offer financial and legal advantages. For example, it can be a useful tool for estate planning, allowing couples to clarify their intentions for their property and assets in the event of death.

It is important to note that a de facto property agreement is a legal document, and should be created with the assistance of a lawyer. The agreement must be carefully drafted to ensure that it is legally enforceable, and that it reflects the intentions and wishes of both partners.

In summary, a de facto property agreement can provide significant benefits for unmarried couples who are living together. It can help to prevent disputes and conflicts, offer protection in the event of a breakup, and provide financial and legal advantages. If you are considering a de facto property agreement, it is important to consult with a lawyer who has experience in this area.