More and more couples are choosing not to get married. It is possible that many people avoid marriage for the simple fact that so many marriages end in divorce. Other couples have personal reasons for putting off tying the knot. However, legal and financial issues can arise when an unmarried cohabitating couple breaks up. Unlike when a married couple splits, a cohabitating couple does not have legal protections which ensure that their property is fairly split.
Illinois does not recognize common law marriages so there are no laws which direct how an unmarried couple’s property and debts should be divided when they break up. One way to protect yourself when living with a partner who you are not married to is a cohabitation agreement.
What Is a Cohabitation Agreement?
A cohabitation agreement is similar to a marriage agreement or prenuptial agreement in that it is a legally-enforceable contract that dictates how an unmarried couple’s property will be divided if they break up. A cohabitation agreement can be used to decide each party’s financial responsibilities in advance. More specifically, a cohabitation agreement can allow you to:
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