Pre-Nuptial Agreements or “pre-nup’s” are written contracts signed by couples who are intending to marry. Cohabitation Agreements are contracts signed by couples who are living together or are planning to live together. Couples can enter into cohabitation agreements even if there is no intention to marry. Both types of agreements typically deal with ownership and division of property in the event of a relationship breakdown, but may also involve issues of child and spousal support. In order to be legally binding the agreement must be executed with legal counsel. Each party must receive independent legal advice about the contents of the agreement and retain his/her own lawyer. Parties typically enter into these types of agreements if one spouse would like to keep certain assets in his/her own possession, should the relationship end. Whether or not parties decide to enter into one of these agreements is dependent on their own specific circumstances and the individual thoughts and feelings of each involved.
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