This month, Joe Ferguson, from the MYP is discussing ‘Love and Living Together’, and the options available to you when you first move in with somebody.
You go on the first date, your eyes meet over a vodka, lime and soda and you are smitten.
Fast forward and you want to move in together, the next big step in the relationship. It’s all very exciting: but what happens if it all goes wrong and you fall out of love?
Sadly, it’s a common occurrence and where there hasn’t been an attempt to regulate living arrangements, it can lead to a lot of acrimony, particularly where there is property which one or both of you have an interest in.
So what do you do? Well, there are two options: declarations of trust or cohabitation agreements.
Declaration of Trust
A declaration of trust is a document which confirms the terms on which an asset, like a house or flat, is held on trust. It records the legal ownership of a property.
Cohabitees should look at getting a declaration of trust because it gives them a lot of certainty: absent factors like fraud or mistake, the court will generally give effect to a declaration of trust.
Cohabitation Agreement
Cohabitation agreements are written agreements which record the arrangements between a couple, including each party’s rights and responsibilities in relation to the property.
They can record intentions about ownership of the property, occupation of the property and even arrangements for sale in the event of a relationship breakdown: it can be incredibly prescriptive to you and your needs.
It can be a difficult, awkward conversation to have – so it’s recommended to discuss your options together, before you move in together. Happy cohabiting!
Joe Ferguson, MYP Committee Member.
