When you live together without legally marrying
As years go by, marriage is becoming less conventional. In fact, according to the United States Census Bureau, the number of cohabiting couples throughout the nation increased from five million in 2006 to more than eight million in 2013. Similar to married couples, many of these cohabiting couples also share bank accounts, vehicles, assets, and household experiences. As a result, many couples are obtaining cohabiting agreements, which are also referred to as “no nuptial agreements.”
What to Know About No-Nuptial Agreements
No nuptial agreements are similar to prenuptial agreements and post-nuptial agreements. However, they do not require legal marriage to exist between a couple. These documents can be used as evidence in court should the couple ever find themselves dissolving the relationship after living together and/or sharing assets. For this reason, these legal documents provide a safety net for each involved party because they address important issues that can become potentially problematic if the relationship dissolves.
Many cohabiting couples benefit from no nuptial agreements for the following reasons:
- They keep partners from taking each other’s assets if the relationship dissolves
- They provide monetary security for the person with lower-income if the relationship dissolves