Cohabitation Agreement Checklist Alberta

Cohabitation Agreement Checklist: Everything You Need to Know in Alberta

If you`re planning to move in with your partner, a cohabitation agreement is a must-have. It`s a legal document that outlines the terms and conditions of your relationship. Having this document in place can save you from potential legal battles and headaches in the future.

In Alberta, the law recognizes cohabitation as a common-law relationship. This means that if you`re living together for two years or more, the law considers you as a “spouse.” Therefore, it`s essential to have a cohabitation agreement in place to protect both parties` interests.

Here`s what you need to know when creating a cohabitation agreement in Alberta:

1. Property Division

A cohabitation agreement should outline how you`ll split assets if you separate. You can agree that each party will keep what they brought into the relationship or divide assets based on other criteria. It is always preferable to consult with a lawyer or a legal professional if you are unsure of how to divide assets.

2. Financial Responsibilities

Another essential aspect of the cohabitation agreement is to outline financial responsibilities. You and your partner should decide who will pay for what expenses, including rent, utilities, groceries, and more. It might also be wise to have a joint account for shared expenses.

3. Debt Obligations

Debt obligations can be a potential point of contention in cohabitation relationships. Your agreement should outline who`s responsible for paying certain debts, including credit cards, car loans, mortgages, etc.

4. Child Custody and Support

If you have children together, the cohabitation agreement should outline child custody and support. If a separation occurs, this will prevent any legal battles over custody or support.

5. Review and Update the Agreement Periodically

A cohabitation agreement is not a one-time thing; it should be reviewed and updated periodically. Your circumstances may change over time, such as having children together, starting a business, or acquiring assets. Therefore, it`s essential to update your agreement periodically to reflect these changes.

In conclusion, a cohabitation agreement is a crucial document that can prevent future legal battles and stress. It`s essential to create an agreement that factors in your unique circumstances and interests. If you`re unsure about creating one, consult with a legal professional to help you draft a comprehensive document that will protect both parties` interests.