The House of Commons Committee report has recently been submitted to the Government with recommendations to reform the laws relating to financial remedy matters for cohabiting couples in England and Wales.
The Government have now released their response and have announced that they have no plans to reform the laws for cohabiting couples.
The lack of legal protection following a family breakdown between cohabiting couples can leave cohabitants and any children of the family in an extremely vulnerable financial position. The need for a Cohabitation Agreement is even more crucial at the moment as we enter the Cost of Living Crisis where thousands of people are already feeling financially vulnerable.
It is therefore important to ensure that you protect yourself as well as you can when cohabiting and this is where Cohabitation Agreements come into play.
A few advantages of Cohabitation Agreements are that they can set out:
- How the property is to be split;
- Distribution of personal belongings;
- Distribution of any savings and other assets built within the relationship.
Having an agreement in place will also reduce any animosity between cohabitants by reducing the need for litigation post separation.
If you would like to discuss Cohabitation Agreements in further detail, please call 01274 861096 or 01423 637272 to book in for your free half an hour consultation.