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Marriage Versus Cohabitation

But little do these couples realise that cohabitation has pitfalls of its own. A stay together lasting a few months has the potential to lead one to a lifetime of grievance.

Financial Pitfalls of Cohabitation

Residential Accommodation and Property

Self-owned property occupants should be careful when they bring in a cohabitating partner. The new entrant should not be allowed to make any changes in the premises. Even minor investment in the property gives them an interest in the equity owned.

Some cohabitating couples purchase property together, in joint names so that both of them can have equal rights over it. But equal division of property upon termination of the relationship is a rule applicable only to married couples. When marital partners divorce, the stay-at-home partner is given an equal share in the marital home. But, when cohabitating couples split, the partner who has paid the maximum mortgage is given a proportionately larger share.

Occupants of a rented accommodation should allow the cohabitating partner only after the signing of the tenancy agreement. Otherwise, with the disappearance of the partner, the rent becomes a single person’s liability.

Inheritance

Whether couples cohabitate for a few months or a few decades, their status remains unaltered in the eyes of the law. Any person who wishes to bequeath property to their cohabitating partner should immediately write a will. In the absence of a will the property will always pass to distant blood relatives even if they happen to be virtual strangers.

If married spouses inherit the property of the other spouse, they are exempted from paying inheritance tax. But, cohabitating couples have to pay 40% as tax.

Cohabitating couples should always safeguard their financial interests by maintaining individual bank accounts. And, they should always judge the job security of the other partner before inviting them to stay together. If the cohabitating partner gets unemployed, the financial responsibility falls on one person.

Is Cohabitation a Good Alternative?

Cohabitation is never a good alternative to marriage. The huge list of disadvantages speaks for themselves.

Domestic violence is predominant among cohabitating couples. And the victimised partner receives little or no help from parents or relatives.
Cohabitating couples are more prone to substance abuse.
Sexual infidelity is more among cohabitating couples. The degree of commitment is lesser in cohabitating couples compared to married spouses.

Cohabitating couples have the least amount of wealth compared to unions of other types.

The role of the father is not well defined in the cohabitation arrangement. This prevents the father from forming emotional bonds with his offspring.

However, all cohabitating relationships are not marked by the drawbacks mentioned above. Couples who cohabitate intending to get married enjoy the stability that entails marital life. Couples who cohabitate with no plans of marriage, experience all the emotional, financial and social pitfalls. Whatever be the future plans of cohabitating partners, they should always cohabitate after signing an agreement.

A cohabitation agreement is an important form of protection. Agreements can be entered online. The simple and cost-effective nature of the online services has made them very popular.

Couples just fill in a questionnaire and these answers are transferred to a pre-formatted copy of the cohabitation agreement. Once the hard copy of it is downloaded and printed it becomes a legal document when either partner signs it.

The choice between cohabitation and divorce has made many people opt for the former. Though all marriages do not end in divorce, the very fear of it has played a contributory role in reducing the number of marriages. Worrisome statistics reveal that the number of people getting married has been the lowest since decades. But, even a cohabitation arrangement has numerous pitfalls and the government is working towards granting cohabitating couples greater financial rights. These moves by the government have further reduced the pressure on getting married.

Article Source: http://www.articlemainia.com

James Walsh is a freelance writer and copy editor. For more information about using online services to get a Divorce see www.quickie-divorce.com