Are you considering entering into a common law partnership agreement? This is a legal contract between two individuals who live together and share their lives together, but are not married. While common law partnerships aren`t recognized in all states, they are a popular option for couples who want to formalize their relationship without getting married.
Here are a few things to consider when drafting a common law partnership agreement:
1. Property ownership: In a common law partnership, each person retains ownership of their individual property. However, if you buy property together, you`ll need to outline how you`ll share ownership and how you`ll handle any disputes that may arise.
2. Financial obligations: While each person is responsible for their own debts, you`ll need to determine how you`ll handle shared expenses like rent, utilities, and groceries. This may include setting up a joint bank account or creating a budget to ensure that you`re both contributing fairly.
3. Separation agreement: While nobody likes to think about the end of a relationship, it`s important to have a plan in place in case you decide to go your separate ways. Your agreement should outline how you`ll handle the division of property and assets, as well as any outstanding debts.
4. Health care decisions: If you`re in a common law partnership and one of you becomes ill or incapacitated, you`ll need to have a plan in place for making health care decisions. This may include designating each other as health care proxies or power of attorney.
5. Children and parenting: If you have children together, you`ll need to outline how you`ll handle parenting responsibilities, including custody arrangements and child support.
Overall, a common law partnership agreement can provide a sense of security and clarity for couples who choose not to get married. If you`re considering entering into a common law partnership, be sure to consult with a lawyer who can help you draft an agreement that meets your needs and protects your interests.