Cohabitation Agreements And Property Division For Nonmarried Couples
Many couples choose to live together and make investments in assets together without considering how things would be divided if they end the relationship. Understanding cohabitation law is important when determining who gets what. It is essential when going your separate ways to ascertain the value of the assets you hold jointly in order to fairly divide them.
At the Minneapolis family law firm of Groshek Law PA, our experienced lawyers will help you determine the financial value of your relationship and how to separate it fairly. Call 612-426-7047 for assistance.
Helping Nonmarried Couples Equitably Divide Their Property
When necessary, we work with valuation experts and forensic accountants to locate property and determine the value of your investments and property that you have accumulated during your relationship, including:
- Real property such as your primary home, any second or vacation homes or investment real estate owned by a business
- Personal, but jointly owned property such as furniture, appliances, jewelry or even pets
- Cars and recreational equipment
- Repair, construction or remodeling expenses for real and personal property
- If one or both of you attended school during your relationship and the value that may have contributed to your relationship
- The impact of educational expenses on the other’s finances
We will help you gather receipts and determine what your share of the responsibility was so you can figure out what a fair division of your assets is.
Minnesota Is Not A Common-Law Marriage State
Common-law marriage treats couples that live together for a set number of years as legally married. If they separate, their property is divided as if they had a civil marriage. However, Minnesota does not recognize “common-law” marriages. This means that property division and other family law disputes or issues are not handled as if the couple was married.
Having a cohabitation agreement can save a lot of trouble if your relationship comes to an end. Laying out a plan to handle the division of your investments in each other’s lives, your home and your overall assets is a good precautionary measure, even if you hope never to use it.
Our attorneys understand the mess that the end of a relationship can bring. Let us help you draft an agreement that will hold up in court if you and your partner go separate ways. Call us at 612-426-7047 or send us an email to learn more about our family law services for nonmarried couples and how we can help you.