When you`re living with a partner and sharing a home, it`s important to establish clear boundaries and expectations. While many couples opt to get married and create a legal partnership, others choose cohabitation as a way to share their lives without the formalities of marriage. Whether you`re married or living together outside of marriage, a cohabitation agreement can be a useful tool to help clarify expectations and prevent conflicts down the line.
But how much does a cohabitation agreement cost? The answer varies depending on a number of factors, including where you live, whether you hire a lawyer, and the complexity of the agreement.
In general, there are two ways to create a cohabitation agreement: hire a lawyer or use a DIY template. Hiring a lawyer to create a custom agreement will be more expensive, but it can also give you more peace of mind knowing that the agreement is tailored to your specific situation. On the other hand, using a DIY template can be more affordable, but it may not address all of your unique needs.
The cost of a lawyer depends on their hourly rate and how long it takes to draft the agreement. In some cases, lawyers may charge a flat fee for cohabitation agreements. According to LegalMatch, the average cost of a cohabitation agreement can range from $500 to $1,500 or more. However, this cost can vary significantly depending on your location and the complexity of the agreement.
The cost of a DIY cohabitation agreement will vary depending on the platform you use. Some websites offer free templates, while others charge a fee. For example, RocketLawyer offers a customized cohabitation agreement for $39.99, while LegalZoom charges $249 for a custom cohabitation agreement. Keep in mind that while these DIY templates can be more affordable, they may not provide the same level of customization as hiring a lawyer.
Ultimately, the cost of a cohabitation agreement will depend on your unique situation and needs. While it may be tempting to skip this step to save money, having a clear and legally binding agreement can provide valuable protection for both partners and prevent conflicts down the line. If you`re unsure about the cost or want more information about what a cohabitation agreement entails, it`s always a good idea to consult with a lawyer.