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More commonly, cohabitation agreements are used by couples to acknowledge the ownership details of the property and the respective financial or maintenance responsibilities of each partner. They are particularly important for unmarried couples who have children.
The agreement, among other matters, usually sets out the spouses' ownership in and/or division of property, and their support obligations. Cohabitation agreements cannot determine the rights of custody or access to children.
Living together with someone is also sometimes called 'cohabitation'. A cohabiting couple is a couple that lives together in an intimate and committed relationship, who are not married to each other and not in a civil partnership. Cohabiting couples can be opposite-sex or same-sex.
In short, if you are fair about things when entering into a cohabitation agreement, and follow the required rules, the chances are very good that your cohabitation agreement will be valid.
When it comes to dividing property and debts, couples who've lived together in a marriage-like relationship (you might call it being in a common-law relationship for two years are treated like married couples. This means you equally share all the property you got during your relationship.