Couples moving in together currently have little in the way of a framework to ensure the fair dissolution of assets in the event of the relationship breaking down. With cohabitation becoming more and more commonplace, especially where families are concerned, with a quarter of children now growing up within cohabiting familes.
The nature of the Bill
The Bill’s proposals are reasonably modest, and it’s not designed to be a “divorce Bill for cohabitants” – so the relief at the end of the relationship would not be the same as for those ending a marriage.
The Bill instead seeks to ensure a degree of fairness when a relationship that is not bound by law dissolves. In appropriate circumstances, the Bill intends to make the breakup as “equal” as possible between the two parties. This means that any financial liabilities, costs, or any benefits should be split equally.
Why you shouldn’t wait
Though it sounds a sensible provision, the reality is that these recommendations have been made for over a decade and there is still limited movement towards legislation. The Bill is under Parliament’s consideration, however, the progress is slow – and even if the measures are approved it’s not a guarantee to become law.
This means that couples shouldn’t wait, and shouldn’t presume protection under the Bill. It may well become law, however, in the meantime, a Cohabitation Agreement is a wise investment to help protect both parties in the event of the relationship breaking down. A means, you might say, to keep things equal.
A Cohabitation Agreement can be tailored to you, ensuring that provisions are made to ensure that fairness is observed depending on your individual circumstances. To help you with this, you should trust the team of friendly and professional solicitors at Nalders LLP.
Based in Cornwall, we’re qualified to provide you the right assistance in drawing up a Cohabitation Agreement.
Don’t wait, contact us today
The Cohabitation Bill is making glacial pace, and there’s no guarantee it will ever become law. As you never know what’s around the corner, it makes sense to protect you and your partner with a Cohabitation Agreement, overseen by Nalders LLP.
Contact us today to get the ball rolling