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Do you need a "living together" agreement?

Particularly for women with children, living together agreements have been gaining popularity as a way of protecting themselves if a serious relationship ends, but also as a way to provide crucial support for children in a time that could become tumultuous.

Some single moms may be wary of getting married, yet would like to share a household with their partner. A living together agreement is an agreement that will spell out financial and legal aspects of an unmarried relationship if it should end.

The most common parts of a living together agreement would cover the following:

  • Who owns what "big ticket" items
  • How property will be divided in the event of separation
  • If one partner already owns a house, does that partner retain it
  • Whose debts are whose
  • How household expenses will be split between partners
  • If renting or leasing a residence, whose name(s) should be on the agreements, and who will retain it should separation occur.

 



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