Personal: Living together agreements
Many people are living together without getting married. The couple may be of a different sex, the same sex or the arrangement may be one of convenience and mutual support.
It is important that couples give careful consideration to their legal rights.
Firstly concerning the purchase of a property, does the couple wish to purchase it in their joint names and if so on what terms? A property does not have to be purchased on a 50-50 basis and there may be good reasons why a couple feel that this should not be so.
Further a couple may wish to clearly agree what will be their legal rights in relation to assets which they acquire or assets which they bring with them into the relationship. The advantage which unmarried couples have is that they can enter into legally binding agreements in relation to property. The document which they need to sign to recognise the agreement is called a Deed of Trust. Further the couple may wish to ensure that there is certainty with regards to their other legal rights and they can enter into a living together agreement. Unless the agreement is contrary to public policy the agreement is usually upheld if there is a dispute concerning the matter. Most couples honour the agreement and so the agreement can remove the uncertainty which can arise.
It is important for a couple to consider these matters because they do not acquire rights simply because they live together.
Davies and Partners are experienced in advising clients in relation to deeds of trust and living together agreements.