A form of a prenuptial agreement is available for unmarried couples in order for them to protect their assets in the event of a break-up. These agreements, known as cohabitation agreements, focus on the division of important assets, including property, debt, and mortgages.
When couples have children in relationships where they are not married, the custody of those children may be harder to obtain after separating. Cohabitation agreements can determine child custody in these situations.
Marriage is not a common occurrence in the United States, with only 51 percent of adults reciting vows to one another, and therefore these cohabitation agreements have increased in number in the past year. Division of assets is an important factor in any relationship, and unmarried couples are starting to realize the benefits of having their assets clearly divided before their relationship potentially ends.
If you have questions regarding property division, please contact the Austin property division lawyers of KennonLegal Ltd. LLP by calling 512-931-3726 today.