The numbers of cohabiting couples whose relationships have come to an end and who are seeking advice on separation are ever increasing, yet the remedies available to them are limited and only partially address their requirements.
Many cohabitants who jointly own property, have children, common business interests, joint bank accounts or investments may agree to ongoing financial obligations or connections because of these factors.
What is a Cohabitant Separation Agreement?
Cohabitant Separation Agreements is a set of precedent clauses designed to enable separating cohabitants’ financial commitments and ongoing obligations to be pulled together in one binding document.
What do these precedents do?
Used correctly, they should provide an all-encompassing separation agreement which addresses all matters the separating couple have agreed upon and which is binding and therefore enforceable as a contract.
How to use them
The agreement is available in print and as an electronic template which allows individual clauses to be adopted on a bespoke basis for your clients, or for you to generate the entire precedents template to be tailored accordingly. Clients details can be input into the template to flow into the specific clauses.
Contractually binding
The Cohabitant Separation Agreement has been drafted so as to be binding. It is to be executed as a deed, witnessed and requires no consideration.
USE OF AGREEMENTS
The agreement includes a banner warning that the document creates legal obligations that determine rights in relation to the family home and other financial issues. It is important that parties do not sign an agreement unless they understand it and intend to be bound by its terms. Clients must be made aware of this, and for this reason Resolution does not advise that these Agreements are used or signed without seeking independent legal advice.
Contents
Foreword
Introduction
Acknowledgements
- Heading
- Definitions
- Recital: Cohabitation
- Recital: Existing separation
- Recital: Future separation
- Recital: Intention to create legal relations
- Recital: Independent advice
- Recital: Basis of disclosure
- Recital: Prior capital payment
- Recital: Prior transfer of parties’ home
- Recital: Prior agreement relating to contents
- Recital: Prior sale of family home
- Recital: Short-term agreement
- Recital: Basis on which short-term agreement is entered into
- Recital: Specified liabilities
- Child arrangements
- Agreement to separate
- Basis of agreement
- Agreement as to disposal of claims
Appendix A: Summary/detailed statement of financial disclosure
- Financial provision for party/child[ren]
- Financial provision for party by instalments
- Maintenance allowance for party
- Maintenance for children
- Maintenance for children’s educational costs
- Agreement to pay maintenance by standing order
- Automatic variation in maintenance
- Occupation of family home
- Substitution of alternative property
- Transfer of family home
- Payment of and indemnity in respect of capital gains tax on transfer of family home
- Release from mortgage
- Declaration of solvency
- Transfer with charge back
- Sale of family home
- Retirement from partnership – more than two partners so partnership continues
- Retirement from partnership – two partners only so partnership dissolves
- Family company
- Assignment of life policies
- Agreement as to death benefits under a personal pension policy/retirement annuity contract
- Agreement as to death in service benefits appropriate to a member of an occupational pension scheme
- Agreement to leave by will
- Deed of covenant supplemental to agreement to leave by will
- Agreement as to contents
- Other assets
- Closure of joint account
- Credit, charge and debit cards
- Taxation indemnity
- Agreement not to disclose information or private media
- Variation
- Costs
- Relevant law
- Execution clause
A proposed draft final TOLATA order
Tomlin order
Deed of settlement and release
You can also purchase the agreements in other formats:
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Members Price £175
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Non-members Price £ 250
