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Side notes: I am open to not living with my excellent partner if I was in a  successful relationship. Consult quality attorneys, not the loan shark type of attorneys. 

"The appeal of cohabitating

Some couples like the flexibility of cohabiting as it gives them a chance to get to know their partner and then decide if they want to move toward marriage.  And despite the many financial advantages of marriage, such as lower taxes and potentially larger retirement and Social Security benefits, people are cohabitating more than ever before.  According to the Pew Research Center, the number of cohabiting couples climbed 29% from 2007 to 2016.  There are several reasons for this.  People over 50, who are the fastest growing age group opting to live together rather than marrying, want the benefits of an intimate partnership without the legal constraints that marriage involves.  In contrast, millennials prefer living together to focus on their careers before settling down and many want to establish a strong foundation for marriage."

"What is a cohabitation agreement and why is it necessary?

A cohabitation agreement is a contract between two people who are in relationship and live together but are not married.  Good cohabitation agreements are (ideally) crafted early on, and deal with issues involving property, debts, inheritances, other estate planning considerations and health care decisions.   As your lives become more intertwined, it can be more complicated (and expensive) to resolve these issues if there is a breakup or if you or your partner passes away after living together for many years.

There are several things that a cohabitation agreement should include, and those details will depend on your circumstances, age and levels of wealth.  People who are older generally have more assets and more complex financial lives and are more likely to benefit more from the protection provided by a cohabitation agreement.  The agreement needs to make detailed provisions for the property you and your partner have now, the property you might acquire in the future, and dispositions of it in the event of one of your deaths or a breakup.  It should discuss who is responsible for retirement savings and how they would be divided, health care directives and issues involving your children or children from previous relationships. It should also discuss the earning capacity of each party and the expectations surrounding financial support for one another.

Some grapple with whether they should invest time and money into a cohabitation agreement. Keep in mind that cohabitation agreements can be inexpensive compared to the potential legal fees if there is a breakup or a death with no agreement in place."

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