Beyond assets and debt, cohabitation with a partner often involves mixing income, sharing expenses, and a certain degree of common interest and financial responsibilities. While some couples do not intend to share money, others give and take money freely from each other without accounting. Regardless of which camp you fall into, you should discuss your preferences with your partner and include it in your concubine contract. Once the agreement is written, each partner must sign it and keep a signed copy for themselves. It is also a good idea to have your signatures notary certified. Only people authorized by your state, called notaries public, can certify a document for you notarized. Your bank may offer notary services to account holders, but courthouses, accountants, lawyers, and even shipping services may have notary services at their disposal. While certification does not guarantee that a court will find your agreement legal, it will be easier to prove that you have signed and agreed if you ever have to go to court. This means, for example, that you need to be ahead of the curve on all aspects of your finances.
As a general rule, you should create and paste detailed financial information as part of the agreement or, at the very least, reveal the full details of your financial situation before entering into the agreement. Disclosing your debts, assets, commitments, income, credit scores, and other important parts of your financial and personal life is part of this process and will be best executed in writing. It is a good practice to introduce a dispute resolution procedure into your concubine contract. For example, you might agree to try mediation rather than go to court. 24 FAQs on concubine and concubine agreements. This can vary and depends on the complexity of your business. «The establishment of a full concubine agreement would usually take between 10 and 15 hours, including the first meeting, the preparation of the document and subsequent amendments until final signature. The cost depends on who you hire, but I would say between £2,500 and £3,000 for a global deal,» says Ashley Palminteri of The Family Law Practice. If you and your partner are considering having children together or adopting, or if one of you has children from a previous relationship, there are several issues that your agreement needs to address.
Unlike marriage contracts, which are usually governed by specific laws, courts consider concubine agreements to be a form of legal contract. To be legally enforceable, all contracts must involve «consideration» or an exchange of value between the contracting parties. For example, during a car sale, the seller agrees to provide the car and the buyer agrees to provide money in payment. Both parties agree to give the other something valuable (the car or the money) in return. To do this, both partners should have sufficient time to review and discuss the provisions of the agreement before signing anything. It is recommended that each partner have their own lawyer to advise and lead them through the creation process, although this is not necessarily prescribed by law.. . . .