It’s out with the old . . . and in with the old!
There has been a lot of press coverage recently on ‘no-nups’, which have been heralded as a ‘new’ tool for unmarried, cohabiting couples to legally document their assets and how they would be split should the relationship break down.
In reality, ‘no-nups’ have been in existence for a number of years under the guise of cohabitation agreements. However, the recent coverage does serve to highlight the growing importance of such agreements.
The 2011 Census revealed that there are now around 6.5 million people in cohabiting relationships. Unfortunately, outside of marriage or a civil partnership, there is no status under English law as a common-law spouse or partner.
However, by taking some relatively simple steps in drawing up a cohabitation agreement at the outset of a relationship, each person in the relationship could not only protect themselves should the relationship not work out, they will also save themselves from potentially unsavoury and costly disputes in the future.
There has already been a rise in the number of cohabitation agreements sought by couples, and this number is predicted to increase.
For more information on cohabitation agreements, please contact Jolene Hutchison, Head of Family and Divorce, at firstname.lastname@example.org or on 01494 478 603.