When cohabiting partners break up, there is more that goes into to a simple break up in many cases. It is not as easy to make the separation with the wave of a hand good bye. Too often, following a break up of cohabitants, it is as emotionally devastating as a divorce would be and the entanglement of potential legal matters can be just as great as in cases of divorce. It is important to be proactive about protecting yourselves throughout cohabitation to prevent disagreements should cohabitation come to an end. This is particularly true because laws do not exist regarding Indiana cohabitation. Though, mutual written agreements can be made during cohabitation to prevent or decrease hardship for each other should partners decide not to live together any longer.
- Knowing each other’s income throughout the term of cohabitation helps to define roles and sets up reasonable expectations should the living arrangement fail.
- Knowing the anniversary of the move in date can be a time of celebration. It’s also worthy to note should the parties decide to end cohabitation. The ending date of cohabitation can be equally important.
- Expense tracking, considering which parties make contributions, is important during the time that unmarried couples live together. This includes knowing bank account information, such as transactions taking place in joint accounts. Debt is important to calculate on an ongoing basis. Loans and who took out the loan are important to document while living together. Debts paid for by each party should be documented as well. This information is important should cohabitation be compromised.
- Tangible and intangible personal property that has been acquired during cohabitation is important to document. Real property acquisitions are also important.
- The average yearly income of each party should be disclosed to one another during time periods of living together. Other sources of income, if applicable, should also be documented. This includes listing each place of employment while living together.
- Listing monthly bills, including who paid what and the amount that was paid is important to track for unmarried partners who live together.
- Providing for the custody and finances for children o the cohabitation.
If you or a loved one is in nerd of a lawyer, contact Burton Padove for a free consultation at 219-836-2200.