If you are living with a partner and would like to create some regulations for property and shared expenses, then you may want to create a non-marital contract. When a couple marries, they both give over all properties acquired after marriage as shared property. This means that they will need to divide all of these assets evenly in the event that they decide to divorce in the future. If you are unmarried but are still in a serious relationship with a cohabiting partner, then a contract could help you from getting into difficult legal issues in the future in the event that you decide to split from your spouse.
The property accumulated during the relationship should be addressed in this contract. You will also need to determine whether or not items are shared property if they are purchased by one individual or with a personal savings account. Also, your contract should handle how you and your partner will deal with any property that is acquired by gift or inheritance. If your friends choose to buy you a new sports car, whose car is it? If the gift is addressed to one person, then does that person own the car individually? You will want to decide these issues in advance so that you have a guideline when an applicable situation occurs.
You will also want to address all property acquired before your relationship. Do you have a claim to all possessions that you brought into the marriage? You will want to figure this out promptly. You will also need to write out a contract about how expenses will be paid. Are you and your spouse going to split the rent, or are you going to combine all finances into one account? You will then want to decide what should happen in the event of separation or death that may end your relationship. If you have an attorney there to help you draft this contract, you can make sure that it is upheld in court. Hire a San Fernando family lawyer at Cutter & Lax today!
