Unmarried Couple Living Together? Here's What You Should Have - A Cohabitation Agreement! | Ep. 280

• Kimberlee explains that cohabitation agreements function like prenups for unmarried couples. They define how assets, debts, and living arrangements will be handled if the relationship ends. Without such an agreement, unmarried partners have few legal protections compared to married couples.

Unmarried couples aren't afforded the same legal protections that married couples are when it comes to their property rights.

• The agreement should cover: specific asset ownership (e.g., furniture, cars), how income and expenses are shared, joint bank accounts, new asset acquisition, debt responsibility, support payments, and what happens if one partner dies. It should also specify ownership structures like joint tenants vs. tenants in common for real estate.

• Asset ownership and distribution upon breakup
• Debt allocation and responsibility
• Support/palimony terms or waiver
• Inheritance rights and medical directives

• Kimberlee advises framing the discussion around relationship longevity and financial transparency rather than fear. Start with exploratory questions about money values, long-term goals, and attitudes toward debt. She emphasizes that avoiding the conversation can lead to resentment or financial disaster later.

If you can't talk to your partner about money and property ownership and finances... then what kind of relationship do you have?

• Kimberlee shares her personal story of rebuilding after divorce at 53 and stresses that financial decisions made while cohabiting affect retirement security. She notes that online tools now make creating agreements accessible and affordable without necessarily needing lawyers, though legal counsel is ideal.

• While primarily designed for romantic partners, cohabitation agreements can benefit any cohabitants who might commingle finances or assets. Kimberlee closes by encouraging listeners not to let the logistics deter them—the conversation itself is the critical first step.