Couples based in Illinois often decide to live together before, or instead of, getting married. There are many reasons for this, and each couple’s circumstances are unique. Regardless of why a couple decides not to get married, living together for a long period of time presents challenges that are commonly dealt with by married couples or couples in civil unions. However, couples who are legally bound together have certain protections provided to them by law while couples who are only living together generally do not.
That is why many couples choose to create a cohabitation agreement. Cohabitation agreements are legally binding and address issues regarding property rights, including how individual and shared assets will be handled if the couple breaks up. Although everybody has high hopes when they move in with their partner, the truth is that not all relationships last forever. A cohabitation agreement created now protects both partners in the future.
What Can a Cohabitation Agreement Do?
Illinois does not recognize common-law marriages, so no matter how long someone lives with their partner, they are not afforded the same rights as married spouses. While married spouses can enshrine certain financial protections in a prenuptial or postnuptial agreement, unmarried spouses will need to create a cohabitation agreement to obtain similar protections. Cohabitation agreements often include:...