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Cohabitation Property Agreement Template for Philippines

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Key Requirements PROMPT example:

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."

Document background
The Cohabitation Property Agreement is essential for unmarried couples in the Philippines who wish to establish clear legal parameters around their property rights and financial obligations while living together. This document becomes particularly important given the specific provisions in the Philippine Family Code (Articles 147 and 148) that govern property relations between unmarried cohabiting partners. It should be used when couples want to clearly define their separate and common property, establish mechanisms for property management, and protect their individual financial interests. The agreement typically includes detailed inventories of existing assets, provisions for future acquisitions, and protocols for property division in case of separation. While not mandatory under Philippine law, this agreement provides significant legal protection and clarity for both parties, helping prevent future disputes and ensuring compliance with local legal requirements.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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