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Cohabitation Property Agreement
"I need a Cohabitation Property Agreement for myself and my partner who own separate businesses; we want to keep our business assets separate while sharing our residential property costs 50/50, with the agreement to take effect from March 1, 2025."
1. Parties: Identifies the cohabiting partners entering into the agreement, including their full legal names, addresses, and civil status
2. Background: Establishes the nature of the parties' relationship, their intention to live together, and their desire to regulate their property relations
3. Definitions: Defines key terms used throughout the agreement, including 'common property', 'separate property', and other relevant terms
4. Separate Property: Details the assets and properties that each party owns separately and will maintain exclusive ownership over
5. Common Property: Specifies which properties and assets will be considered jointly owned and the proportions of ownership
6. Future Acquisitions: Establishes how property acquired during the cohabitation will be treated and owned
7. Financial Obligations: Outlines how common expenses, debts, and financial responsibilities will be shared
8. Property Management: Details how joint properties will be managed, including decision-making processes
9. Separation Provisions: Establishes the process for division of property if the relationship ends
10. Dispute Resolution: Outlines the process for resolving any disputes about property matters
11. Governing Law: Confirms that the agreement is governed by Philippine law and specific applicable legislation
12. Execution: Formal signing section including space for signatures, witnesses, and notarization
1. Business Interests: Section dealing with any shared business ventures or professional practices, used when parties have joint business interests
2. Inheritance Rights: Addresses inheritance matters and estate planning, particularly relevant for long-term relationships
3. Children's Provisions: Addresses property arrangements relating to children from current or previous relationships, used when parties have children
4. Intellectual Property: Deals with ownership of intellectual property created during cohabitation, used for creative professionals or business owners
5. Pets and Personal Effects: Specific provisions for pets and personal belongings, used when parties want to clearly define ownership of specific items
6. Insurance Policies: Provisions regarding life insurance and other insurance policies, used when parties have significant insurance arrangements
7. Retirement Benefits: Addresses rights to pension and retirement benefits, used for longer-term relationships or older couples
1. Schedule A - Separate Property Inventory: Detailed list of each party's separate property brought into the relationship
2. Schedule B - Common Property Inventory: Detailed list of all property agreed to be owned jointly
3. Schedule C - Financial Accounts: List of all bank accounts, investments, and financial instruments, indicating ownership
4. Schedule D - Real Property Details: Specific details of any real estate owned separately or jointly, including titles and mortgages
5. Schedule E - Valuable Personal Items: Inventory of valuable personal items, artworks, jewelry, or collections
6. Appendix 1 - Property Valuation Reports: Professional valuations of significant assets
7. Appendix 2 - Financial Obligations: Details of existing debts, loans, and financial commitments of each party
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