Cohabitation agreements define all the rights and obligations of two persons whose relationship may be considered dependent. Most of the time, these agreements decide who gets what and pays for what in the event of dissolution. However, you can also define rights and obligations during the relationship. These types of agreements can also determine who pays what bill, when and/or how, which makes the asset purchase and sale process a more fluid experience. The appeal of cohabitation agreements is the calmness and legal protection they provide. Many people have experienced separation without a cohabitation agreement and want to avoid the legal complications that result from it. In the absence of a cohabitation agreement, your partner may have a legal right to certain common assets or you may be considered the owner of some of your debts incurred in the relationship. The agreement defines the division of ownership and debt and avoids the potential for litigation. They can also prevent a partner from unfairly profiting from his or her relationship with the other. For example, if the house divided by the two is being renovated, which is supported by both partners, both partners have some right to the value of the house. Depending on how the work is performed and paid for, a partner may not see this benefit without an agreement to protect their property. Approval of a cohabitation agreement, if the relationship is healthy, means that there is no legal struggle that awaits if the relationship does not work and can create stability within a relationship. What is the popularity of marital agreements?: Having a marriage agreement in Canada is not a popular thing at all, says Boyd.
To what extent are cohabitation agreements popular?: If marital agreements are not popular, cohabitation agreements are even fewer, says Boyd. The parties must have sought independent legal advice from a lawyer (ILA) confirming that the parties were informed: the nature and effect of the agreement; Future rights to the property under the FLA and; they waive these rights in order to make the agreement effective, etc.; As a result, the new Alberta Family Property Act (like the old Marriage Property Act) has an exemption clause, which means that couples (married or « common-law ») can accept that the legislation does not apply to them and that the division of family ownership after the breakdown of the relationship is distributed as stipulated in this agreement. These agreements may be designated (alternately) as cohabitation, prenuptial, postnuptial or Adult Interpendent Partner Agreements, depending on the family relationship at the time of contract conclusion (for further discussion of these different types of agreements and whether they are enforceable, see article: Calgary Cohabitation and Prenup Agreements Lawyers . However, some things need to be kept in mind regarding these agreements, in particular: one of them is the expectation of where you will be as a couple and individuals in the near or distant future. This can make it difficult to determine what you want to include in the agreement. Cohabitation agreements are also useful before and during the relationship, even if the relationship does not dissolve.