Yesterday in my discussion of domestics partners, I mentioned there are situations where cohabitation/domestic partnership agreements are advisable. Among those reasons are:
1. When a second person's name is added to a deed after considerable equity has already been established in the home during ownership by the first owner. The agreement will help clarify ownership interest in the real estate.
2. When property purchased jointly is only held in one person's name.
3. When one person is the financial provider and the other is a home-maker.
4. When unequal contribution are made towards the purchase of jointly held property.
5. When there is an interest in giving benefits or rights to another which are not required or available under the law.
6. When assets are co-mingled or combined.
7. When there are family members who may dispute the interest of a domestic partner.
I think it is always wise to have an agreement between domestic partners because there are many situations that we can not anticipate and an agreement helps with defining how to handle.
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