Create a customized cohabiting agreement

This template was prepared by: Aklima Bibi, Aklima Bibi

Instructions

It is useful to have full informaiton to hand regarding current and any likely FUTURE arrangment plans in order to avoid any disputes afterwards.

Cohabitation Agreement

THIS COHABITATION AGREEMENT (this "Agreement") dated
BETWEEN:
name of address
( the " First Party ")
OF THE FIRST PART
and
name of address
( the " Second Party ")
OF THE SECOND PART
( First Party and Second Party hereinafter jointly referred to as the "Parties" and individually as the "Parties")
NOW THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS:
IN CONSIDERATION OF -add valit wording- , both Parties agree to keep, perform and fulfil the promises and conditions set out in this Agreement:
WHEREAS:
The Parties intend to cohabit from the date _____.
The purpose of this agreement is to define and regulate the rights and responsibilities of the Parties during and after their cohabitation.
Information about each of the Parties' assets, liabilities and approximate current income has been exchanged prior to entering into this agreement and summations of said information for each Party is contained herein in Schedule A.
Each Party has had the opportunity to fully examine the financial disclosures of the other Party as summarized in Schedule A.
Each Party acknowledges that to the best of their knowledge they have made a full and complete disclosure of their respective financial conditions to the other Party.
Both Parties intend to be legally bound by the provisions of this Agreement, and agree that they and their personal representatives shall be so bound.
Each Party represents to the other that they have adequate separate resources for their own support.
Each Party acknowledges that they had obtained Independent Legal Advice before signing this Agreement.
Each Party acknowledges that they enter into this Agreement freely and under no duress or undue influence upon his or her decision to sign.
IT IS AGREED as follows:
1 Definitions and Interpretation
1.1 In this Agreement, unless the context otherwise requires, the following expressions have the following meanings:
"Common Living Expenses" means common expenses incurred by the Parties in daily life such as food, home rental fees, medical insurance, medical expenses, travel, entertainment, and home utility expenses. For any home which the Parties either jointly own or is otherwise not defined as Separate Property under this Agreement, then the term common living expenses shall include taxes, insurance, property fees, and maintenance expenses related to that home;
"Debts" means all liabilities and claims of a monetary nature that any Party may possess against them such as a bank loan, credit card debt, tax debts including contingent debts;
"Earned Income" means any income obtained by a Party after the Effective Date of this Agreement that does not meet the definition of Passive Income (see below). Types of earned income include, but are not limited to, salary and bonus from employment, earnings derived from the performance of services as an independent contractor, and income derived from a business run as a sole proprietorship;
"Effective Date of this Agreement" means , the date upon which the Parties entered into a cohabitation.
"Independent Legal Advice" means an instance of a Party having shown the prenuptial agreement to an individual licensed to practice law in the UK and having received comments of any kind regarding the prenuptial agreement prior to the time the agreement was signed by said party;
"Intestate Succession Laws" means the probate laws that control distribution of the assets of an estate for a decedent dying without a valid last will;
"Liquid Assets" means cash, savings accounts, checking accounts, money market funds, brokerage accounts, cash equivalents, and other marketable securities;
"Passive Income" means dividends, capital gains, interest, rents, royalties, disruptions and other income accrued from property of a Party and obtained after the Effective Date of this Agreement. Also includes accrued but unrecognized appreciation in the value of capital assets classified as Separate Property. In the case of ownership of interests in corporations, all dividends therefrom are to be considered passive. In the case of ownership of interests in trusts and partnerships which do not operate a business enterprise, all distributions and income allocations therefrom to a Party are to be considered passive. In the case of ownership of interests in trusts, partnerships, limited liability companies and like business entities which operate a business enterprise, all distributions and income allocations therefrom to a Party are to be considered passive unless a Party materially participates in the business. Where a Party materially participates in a business operated by a trust, partnership or like business entity, all income and distributions from said entity are to be treated as Earned Income;
"Retirement Plans and Accounts" means any employer sponsored pension, profit-sharing, stock bonus or other retirement plan;
"Separate Property" means all rights and interests in property of any kind, including contingent interests, owned by each Party on the Effective Date of this Agreement.
1.2 The headings in this Agreement are for convenience only and shall not affect its interpretation.
1.3 The Schedules form part of this Agreement and shall have the same force and effect as if set out in the body of this Agreement.
1.4 Persons shall include companies and other legal entities.
1.5 Unless the context otherwise admits words importing one gender shall include all other genders and words importing the singular shall include the plural and vice versa.
1.6 Reference to any statutory provisions in this Agreement shall include any statutory provisions, which amends or replaces it.
2 Effective Date of Agreement
2.1 The Effective Date of this Agreement is the date upon which the Parties entered into a cohabitation.
2.2 This Agreement shall take effect only upon the cohabitation of the Parties.
3 Separate Property
Do you want to include a list of each party's present assets?
3.1 Any property which is solely owned by either of the Parties before the Effective Date of this Agreement and the property listed in the attached Schedule "A" is considered Separate Property unless expressly provided in writing and shall subsist and continue as the sole property of that Party absolutely. Any income or benefit which is derived from the aforementioned Separate Property shall belong solely to that Party absolutely.
3.2 Passive Income derived from property of any type shall have the same character for the purpose of this Agreement as the property from which it is derived. Thus, Passive Income from Separate Property earned or accruing after the Effective Date of this Agreement shall be the Separate Property of the owner of that asset.
3.3 Except as expressly provided in writing, any property which is acquired by either Party during the cohabitation either by way of inheritance or gift shall be the sole property of that Party absolutely. Therefore for the purpose of this Agreement Separate property shall also include gifts or inheritances one Party receives from a third party after the Effective Date of this Agreement.
3.4 In regard to Retirement Plans and Accounts, the Parties covenant and agree that all accumulations in, and contributions to, Retirement Plans and Accounts whether before or during the cohabitation shall be the Separate Property of the Party who owns the account or is the plan beneficiary.
3.5 For the purpose of this Agreement Separate Property shall include: substitutions and exchanges for such property now in existence and any proceeds therefrom, and from any income derived from such Separate Property and any property purchased from the proceeds or income from such property.
3.6 Each of the Parties shall have the unrestricted right to dispose of such Separate Property free and clear of any claim that may be made by the other by reason of their cohabitation and with the same effect as if no cohabitation had been consummated between them. The Parties hereby agree and elect that all property designated as Separate Property in this Agreement shall be exempt from any claim.
3.7 Except as otherwise provided herein, each Party waives and releases all rights, interests in and claims to the Separate Property of the other party arising under common or statutory law.
4 Joint Property
Do the First Party and the Second Party have any shared possessions?
4.1 Without prejudice to clause 3 above, all property acquired by the Parties during the cohabitation and which is procured or acquired jointly with joint resources and funds and the property listed in the attached Schedule "B" shall be considered the jointly owned property of the Parties.
4.2 Passive Income from jointly owned property earned or accruing after the Effective Date of this Agreement shall be considered the jointly owned property of the Parties.
4.3 Earned Income of the Parties during the cohabitation shall be considered the jointly owned property of the Parties.
5 Debts
Do the First Party and the Second Party have any joint debts?
5.1 Each Party shall pay and be responsible for all debts incurred by the Party prior to the Effective Date of this Agreement from that Party's Separate Property. Further, each Party agrees to indemnify the other for any damages or losses incurred by the other Party related to his or her debts existing prior to the Effective Date of this Agreement.
5.2 All jointly acquired or jointly held debts and the debts listed in the attached Schedule "C" , however and whenever acquired, will remain the debts of and be owed by both Parties and will be treated as shared debts (the "Shared Debts").
6 Common Living Expenses
6.1 Common Living Expenses incurred during the cohabitation shall be paid first from the Liquid Assets of the Parties not classified as Separate Property under this Agreement.
6.2 The Common Living Expenses which cannot be paid from said Liquid Assets of the Parties are to be paid from the Separate Property of the Parties in the following percentages: 50 % by the First Party and 50 % by the Second Party.
7 Gifts
7.1 This Agreement shall not limit the right of either Party to make such transfers of property to the other as he or she may wish during their respective lifetimes, or by will, or to acquire property jointly or in any other form of ownership.
7.2 No term of this Agreement shall preclude either Party from making lifetime gifts to the other. Any such gift will not be construed as varying the terms of this Agreement or as evidencing any intention for this Agreement to be so varied.
8 Separation and Breakup
In the event of breakup, how would you like to divide shared assets?
8.1 In the event of a separation or breakup, the Parties agree that all Separate Property shall subsist and continue as the sole property of the relevant party. Each Party hereby waives, releases and relinquishes any and all rights whatsoever, whether arising by common or statutory law (present or future) to the other Party’s Separate Property.
8.2 Each Party hereby waives, releases and relinquishes any and all rights whatsoever, whether arising by common or statutory law (present or future) to spousal alimony, maintenance or other allowances incident to divorce or separation.
8.3 In the event of the Parties separating, or upon the death of a Party, the First Party will be entitled to percentage % of the net equity of the jointly owned property and the Second Party will be entitled to percentage % of the net equity of the jointly owned property, regardless of the initial or ongoing proportion of each Party's investment, unless the Parties have agreed otherwise in writing.
8.4 In the event of a separation, or upon the death of a Party, the First Party will be responsible for percentage % of all Shared Debts and the Second Party will be responsible for percentage % of all Shared Debts, regardless of the initial or ongoing proportion of each Party's borrowed amount, unless the Parties have agreed otherwise in writing.
Do the Parties have any dependent children with each other?
Do the Parties have any dependent children from past relationships?
9 Child Support
9.1 The Parties acknowledge that hey have following child from their relationship together:
- name born on ;
9.2 The Parties acknowledge that the Fist Patry has following dependent child from a previous relationship.
- name born on ;
9.3 The Parties acknowledge that the Second Patry has following dependent child from a previous relationship.
- name born on ;
9.4 The Parties further acknowledge that in the event of a separation, any rights and obligations of the Parties relating to the children of the Parties, including the issues of child maintenance, custody and access, will be governed by the laws of England.
9.5 The Parties recognise the authority of the Courts to determine what arrangements are in the best interests of the child, and understand that the Court's orders may affect the arrangement of the Parties as stated in this Agreement.
9.6 Nothing in this Agreement shall be construed as relieving either Party of an obligation to support his or her minor children.
10 Partner Support
Will either Parties provide spousal maintenance in the event of a breakup?
10.1 In the event that there is a separation of the Parties, the following will occur regarding spousal support:
10.1.1 The shall receive support in the amount of by words Add condition to the support
10.2 The Parties realise that their respective financial circumstances may be altered in the future by changes in their health, the cost of living, their employment, their marital status, the breakdown of their relationship, or otherwise. No such changes will give either Party the right to seek support under any legislation. It is understood by each Party that this Agreement represents a final disposition of all maintenance and support issues between them.
11 Entire Agreement
This Agreement, together with the attached Schedules, sets forth the entire agreement between the Parties with regard to the subject matter hereof. It supersedes any prior representations which may have been made, whether orally or in writing. Any subsequent modification or variation of this Agreement shall be invalid unless it is in writing and signed by both Parties.
12 Severance
12.1 If any provision of this Agreement shall be found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions of this Agreement which shall remain in full force and effect.
12.2 If any provision on of this Agreement is so found to be invalid or unenforceable but would be valid or enforceable if some part of the provision were deleted, the provision in question shall apply with such modification(s) as may be necessary to make it valid and enforceable.
12.3 The Parties agree to attempt to substitute for any invalid or unenforceable provision a valid and enforceable provision which achieves to the greatest extent possible the same effect as would have been achieved by the invalid or unenforceable provision.
13 Miscellaneous
13.1 The Parties agree that each and every provision of this Agreement shall inure to the benefit of and shall be binding upon the heirs, assigns, personal representatives, and all successors in the interest of the Parties.
13.2 The Parties warrant that they have entered into this agreement willingly and of their own volitions, and that they have not been subject to any inducement or undue influence or pressure.
13.3 Each Party acknowledges that he or she has had an adequate opportunity to read and consider this Agreement and has obtained Independent Legal Advice regarding this Agreement prior to its execution.
13.4 Each Party has submitted summary financial information attached hereto as Schedule A. Each Party acknowledges an opportunity to view said financial information prior to the execution of this Agreement; however, the signing of this Agreement does not in any way constitute a waiver of the right of full disclosure regarding the other Party's financial position.
14 Force Majeure
14.1 Neither party shall be responsible for damages to the other party to the extent that a breach of this Agreement (or failure to perform) by such party is due to an act of god, strike or other labor dispute, war, terrorist activity, riot, civil disorder, embargo, fire, flood, weather condition, or any other casualty, beyond the reasonable control of such party (collectively, “Force Majeure”).
14.2 During any delay in performance due to an event of Force Majeure, the disabled party shall use its reasonable efforts and due diligence to resolve the cause of the delay and to minimize the effects thereof. If any of the obligations of any of the parties is hindered or prevented, in whole or in substantial part, because of a Force Majeure Event, then all other obligations of the parties shall continue. Delays or non-performance excused by this provision shall not excuse performance of any other obligation that is outstanding at the time of occurrence.
14.3 Notwithstanding the preceding, in the event such Force Majeure continues for a period of consecutive months, either party shall have the right, but not the obligation, to serve a written notice on the other terminating this Agreement in full and each shall have no further obligation whatsoever to the other save that Company shall continue to be obliged to make payments of monies due hereunder but not paid at the date of termination.
15 Applicable Law
15.1 This Agreement shall be governed by and construed in accordance with the laws of England and Wales.
16 Pronouns; Statutory References
16.1 All pronouns and all variations thereof shall be deemed to refer to the masculine, feminine, or neuter, singular or plural, as the context in which they are used may require. Any reference to the Code, the Regulations, the Act, or other statutes or laws will include all amendments, modifications, or replacements of the specific sections and provisions concerned.
17 Interpretation
17.1 In the event any claim is made by any Party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this agreement was prepared by or at the request of a particular Party or the Party’s counsel.
18 References to this agreement
18.1 Numbered or lettered articles, sections and subsections herein contained refer to articles, section and subsections of this Agreement unless otherwise expressly stated.
19 Exhibits
19.1 All Exhibits attached to this Agreement are incorporated and shall be treated as if set forth herein.
20 Severability
20.1 In the event that any term or provision of this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such validity, illegality or unenforceability shall not affect any other term or provision, and this Agreement shall be interpreted and construed as if such term or provision, to the extent the same shall have been held invalid, illegal or unenforceable, had never been contained herein.
21 Cooperation
21.1 Each of the parties hereto shall execute and deliver any and all additional papers, documents, and other assurances, and shall do any and all acts and things, which are reasonably necessary (including, without limitation, the delivery by Assignor of any original Trademark registration certificates and all subsequent certificates should they issue to Assignor, including all executed assignment documents relating to this Agreement to Assignee promptly after the date listed above in connection with the performance by the parties of their obligations hereunder and to carry out the intent of the parties hereto.
22 Paragraph Headings
22.1 The paragraph headings used herein are descriptive only and shall not affect the meaning or interpretation of this Agreement.
23 Counterparts
23.1 This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute one and the same Agreement.
24 Entire Agreement
24.1 This Agreement constitutes the entire understanding between the parties with respect to the subject matter contained herein.
IN WITNESS WHEREOF, the Parties have duly affixed their signatures on _____
SIGNED, SEALED AND DELIVERED
__________________________________
_____
SIGNED, SEALED AND DELIVERED
__________________________________
_____

Joint Property

SCHEDULE "A"
SCHEDULE "B"
Joint property of the Parties:

Shared Debts

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