Since the case of Marvin v. Marvin, California law has recognized that, in certain circumstances, promises made between unmarried parties who live together, can be enforced as contractual agreements. Frequently, parties who live together purchase assets in joint names or with joint funds. Similarly, cohabitating parties may incur debt in dual names, or co-sign for each other.
To avoid potential litigation and to define the rights each party has with respect to the other, cohabitation agreements are often appropriate. A cohabitation agreement can be as simple as confirming whether or not promises have been made. A cohabitation agreement can be as complex as a business partnership agreement depending on the parties’ financial circumstances.
The Benefits of Cohabitation Agreements
A cohabitation agreement can protect a substantial net worth client in the event that claims are made at the time of a breakup of the relationship. A cohabitation agreement can assist both parties in having a clear understanding of the financial expectations connected with their relationship. A well drafted cohabitation agreement can be useful if the parties later decide to marry. In addition, a well drafted cohabitation agreement can be useful in avoiding claims made against the estate of the deceased party.
Choose the Skilled Assistance of Law Offices of Beatrice L. Snider, APC
Our San Diego family law firm provides full services to clients with regard to cohabitation agreements. These services include consultations to inform individuals of their rights, the negotiating and drafting of agreements and reviewing agreements prepared by other counsel. In addition, our office has experience in litigating the validity and enforcement of these contracts.
A well drafted cohabitation agreement can be a valuable took in asset protection and estate planning. Contact Law Offices of Beatrice L. Snider, APC if you need assistance creating a cohabitation agreement in San Diego.