Cohabitation has doubled since the mid-1990s according to the latest Pew Research Center study. Adults from 30 to 44 years old are increasingly deciding to live together and wait until later to get married. For those with college educations, living together is an advantageous way to combine both incomes, and see if marriage and kids are viable in the future. But when people take the plunge to live together and combine their monies, they should get a cohabitation agreement so they are set up for success, not heartbreak and economic failure.<\/p>\n
Cohabitation agreements, whether for opposite or same sex couples, define all the key financial and living decisions for the couple. It will detail:
\n– Disclosure of financial status to include all assets and debts
\n– Division of living expenses and insurance needs
\n– Property ownership
\n– Inheritances, trusts, and retirement plans
\n– Responsibilities for child custody, health care directives, and last wishes
\n– Duration of the agreement<\/p>\n