Living Together Contracts in Texas: Understanding Your Legal Rights
More and more couples are choosing to live together before getting married, but few realize that without a legally binding agreement, they are unprotected if their relationship comes to an end. If you and your partner are living together in Texas, it`s essential to understand what living together contracts are and how they work.
What Is a Living Together Contract?
A living together contract, also known as a cohabitation agreement, is a legal document that outlines the rights and obligations of individuals who are living together but are not married. This agreement sets out the terms for financial support, property ownership, and child custody in the event of a break-up.
Why Do You Need a Living Together Contract?
Without a living together contract in place, you and your partner have no legal rights to each other`s property, money, or assets. This means that if you break up, you could lose everything you have invested in the relationship. Additionally, you may not have any legal rights to custody of any children you have together.
A living together contract can help protect your assets and ensure that both you and your partner are on the same page regarding financial and legal obligations. It can also help reduce the stress of a potential break-up by providing clear guidelines on how to handle the separation.
What Should Be Included in a Living Together Contract?
There are various elements that should be included in a living together contract. Some of these include:
– Financial obligations: This includes details like how expenses will be shared, who will pay for what, and how debts will be handled.
– Property ownership: This outlines how property ownership will be divided if you separate, including who will get what and how any property will be valued.
– Child custody: This outlines how custody arrangements will be made if you have children together, including where they will live, how often each parent will see them, and how expenses will be shared.
– Dispute resolution: This outlines how disputes will be resolved if you and your partner cannot agree on something.
How Do You Create a Living Together Contract?
Creating a living together contract in Texas is relatively simple, but it`s recommended that you seek advice from a legal professional to ensure that it`s legally binding and comprehensive. You`ll need to outline all the terms and conditions in the agreement and ensure that both you and your partner understand and agree to them.
It`s also essential to ensure that the contract is signed by both parties and witnessed by a notary public.
Conclusion
If you`re living together in Texas, it`s crucial to consider creating a living together contract to protect your assets and ensure that both you and your partner are clear on financial and legal obligations. A well-drafted living together contract can help prevent problems down the road and ensure that the relationship remains on solid ground.