GET EXPERT ADVICE FOR COHABITATION AGREEMENTS IN NW CALGARY
Are you moving in together with your partner? Dukeshire Law Office can help you draft a cohabitation agreement in NW Calgary. A cohabitation agreement is a legal agreement for two people in an Adult Interdependent Relationship, also known as a common law relationship. The agreement lays out your rights and obligations for assets and property while you're living together and if you split up, become ill, or die.
Schedule a no-obligation consultation with Dukeshire Law Office and we can assist you with your cohabitation agreement.
WHAT IS A COHABITATION AGREEMENT?
A cohabitation arrangement refers to a document signed by two unmarried people living together in an interdependent adult relationship. It is undertaken to provide proper rights and obligations to each party in case the relationship cannot continue or be sustained. This agreement can state the alimony (spousal support), property division terms, child support terms, and other contingencies. For a cohabitation agreement to be effective, both individuals must sign the agreement before a witness with honest disclosure of their financial situations. There cannot be any pressure or threat when entering into this agreement. Our lawyer can help you navigate the process as an adult interdependent relationship coupled with in-depth knowledge of all the laws associated with cohabitation agreements.
WHO SHOULD HAVE A COHABITATION AGREEMENT?
You can get into a cohabitation agreement with your partner if you live together or plan to live together (sometimes called a living together agreement). This can specify who owns existing assets (such as real estate), your financial responsibilities to one another, and how savings and jointly owned assets will be dispersed if you subsequently separate.
A large number of couples opt to live together before marrying or entering into a civil partnership or having their relationship recognized legally (by marriage or civil partnership). However, because cohabiting does not bond you together in the eyes of the law, it doesn't give you similar legal rights as to marriage or civil partnership. When couples in an adult interdependent relationship who live together or have shared assets separate, this might cause problems and uncertainty.
Here are a few scenarios where having a cohabitation agreement in NW Calgary would be helpful:
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You want to split your assets in the same way a married couple would.
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You're going to buy a house together.
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One party is making a larger financial contribution to purchasing a home than the other.
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You are a parent or plan to be a parent soon.
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To determine who will be responsible for paying specific obligations or payments.
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What percentage of the property will each individual own?
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What would happen to assets if the couple separated?
Consult Dukeshire Law Office today for a cohabitation agreement in NW Calgary.
WHAT IS COVERED IN A COHABITATION AGREEMENT?
Here are the things that are usually covered under a cohabitation agreement:
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Pets
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Pensions
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Next of kin rights
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Life insurance
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Payment of debts
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Deposit on your home
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Ownership of property
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Bank accounts and money
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Share of mortgage or rent
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How household bills will be dealt with
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Assets such as furniture, cars, other property, jewellery
HOW CAN A LAWYER HELP PREPARE A COHABITATION AGREEMENT?
Cohabitation arrangements are not always legally binding as per the Adult Interdependent Relationship Act. It is only enforceable if you and your partner have individually acknowledged the following in front of separate and independent lawyers, according to Section 38 of the Family Property Act of Alberta:
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You are aware of the agreement's nature and impact.
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You are aware of any future property interests you may have under the FPA Alberta and are ready to give up those claims to the amount necessary to carry out the agreement, and
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You are entering into the arrangement voluntarily and without any coercion from the other individual.
As per Alberta law, your lawyer has to provide legal advice to couples involved in an adult interdependent relationship concerning basic disclosure and how the law would interpret your circumstances if you divorced.
When it comes to drafting cohabitation agreements, our lawyer thoroughly understands Alberta's Family Property Act and other related laws. You may anticipate not only a professional and thorough approach but also one that safeguards your assets and you in the event of a breakup.
ADULT INTERDEPENDENT RELATIONSHIP ACT IN ALBERTA
After 2003, the term “common-law” was no more used in Alberta laws. Instead, the new term is “adult interdependent relationships.” This means the legal rights and duties of adult relationships vary depending on your jurisdiction.
An adult interdependent relationship exists if two individuals have signed an ‘Adult Interdependent Partner Agreement’ and they have lived with each other for 3 years or more, or if two individuals living in a relationship have a child.
Adult interdependent relationships are the main situations where cohabitation agreements apply. What matters is whether or not the two people live in a “relationship of interdependence,” which happens when they share each other’s lives, are emotionally invested with each other, and operate as a domestic unit.
This relationship does not necessarily have to be sexual. It can be a platonic relationship between two friends or even relatives.
The agreement is vital as it applies to family members or roommates living together. It protects the rights of such individuals in the sense that they can benefit from the cohabitation agreement to secure their livelihood and assets.
The Adult Interdependent Relationships Act of Alberta is crucial as it creates a legally binding relationship between two individuals who are not married.
The interdependent relationship agreement can be deemed void if the partners sign a written agreement calling off their relationship, live separately or apart from each other for more than one year, the partners marry each other, one partner gets married to someone else, or one partner enters into an adult relationship with a third person.