MIAMI, Florida. According to CNBC, 62 percent of lawyers have seen an increase in the number of individuals seeking prenuptial agreements. Prenuptial agreements seem to be very popular among millennials who tend to get married when they are older. This generation may have amassed property or savings before marriage. They may have student loans and may be concerned about debt obligations should they divorce. CNBC reports a fivefold increase in prenuptial agreements.
Yet, what about couples who are planning to cohabitate? Should they be signing on the dotted line before they move in with one another? The decision to live together is a big step in any relationship and it often comes along with discussions about finances. Yet, many couples may be entering into cohabitation arrangements unaware of what their rights and responsibilities are, especially if they are both signing a lease.
With many couples living together before they get married, this raises the question of steps couples may want to take before they move in. In fact, a prenuptial agreement lawyer in Miami, Florida like Sandy B. Becher, P.A. can help you and your partner if you plan to move in together. These documents are known as “partnership agreements.”
According to the Chicago Tribune, in a partnership agreement, couples can make important financial and practical decisions before they move in. For example, if you have a lease, what happens if one person wants to move out? Or, what happens if one partner can no longer afford to pay the rent? What if you plan to buy a condo or home together? How will this be managed? How would furniture be divided if you split? If you have a pet, who has pet custody? If you’re thinking about moving forward with a partnership agreement, both individuals will each want their own attorney.
Partnership agreements, like prenuptial agreements, can help both parties discuss finances, before they move in or make a significant life step together. After all, it’s one thing to date someone, another thing entirely to share a home and share significant bills. While living together can reduce your cost of living, it is not a step that should be taken lightly. Even when both parties don’t have a partnership agreement in place, they may be signing contracts together—for example, leases or co-ownership of a home. A partnership agreement simply lets both parties mutually understand how the financial side of things will be arranged.
So, if you’re moving in with a boyfriend or girlfriend, you’ll have to make some important decisions. Where will you live? What things will you keep, or throw away, or buy new? How will you split the bills? How will conflicts be resolved? One of the ways to jump-start the conversation could be through a partnership agreement. Sandy B. Becher, P.A. is a prenuptial agreement lawyer in Miami, Florida who may be able to help you navigate this next big step in your life.