Cohabitation Property Agreement Template for India

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Key Requirements PROMPT example:

Cohabitation Property Agreement

"I need a Cohabitation Property Agreement for a couple where one partner owns multiple properties and runs a business, while the other is moving in with minimal assets; the agreement should clearly define separate property rights and establish a fair framework for future joint acquisitions."

Document background
The Cohabitation Property Agreement serves as a crucial legal instrument in India for unmarried couples who choose to live together, addressing the growing need for legal protection in such relationships. This document becomes particularly important given that live-in relationships, while legally recognized through various Supreme Court judgments, lack comprehensive statutory regulation in India. The agreement typically includes detailed provisions for property ownership, financial responsibilities, and asset division, protecting both parties' interests during cohabitation and in the event of separation. It's essential for couples entering into or already in a live-in relationship who own property individually or jointly, have significant assets, or wish to clearly define their financial responsibilities and rights. The document needs to comply with Indian contract law principles while incorporating relevant provisions from various applicable statutes and judicial precedents.
Suggested Sections

1. Parties: Identification and details of the cohabiting partners entering into the agreement

2. Background: Context of the relationship, intention to cohabit, and purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Duration and Commencement: Start date of the agreement and terms of continuation

5. Property Rights and Ownership: Declaration of existing separate property ownership and rights

6. Joint Property: Terms governing jointly acquired property during cohabitation

7. Financial Arrangements: Day-to-day financial responsibilities and contributions to household expenses

8. Bank Accounts: Management of joint and separate bank accounts

9. Debts and Liabilities: Handling of existing and future debts, individual and joint liabilities

10. Dispute Resolution: Process for resolving disagreements about property and financial matters

11. Termination: Circumstances and process for terminating the agreement

12. Property Division on Separation: Process and principles for dividing property if the relationship ends

13. Governing Law: Specification that the agreement is governed by Indian law

14. Severability: Clause ensuring remainder of agreement stays valid if any part is found unenforceable

15. Entire Agreement: Confirmation that this document represents the complete agreement between parties

Optional Sections

1. Business Ownership: Terms regarding any shared business interests or ventures - include if parties own or plan to own business together

2. Inheritance Rights: Specific provisions about inheritance - include if parties wish to address inheritance matters

3. Gifts and Loans: Treatment of significant gifts or loans between parties - include if substantial gifts/loans are involved

4. Pets and Personal Property: Arrangements for pets and valuable personal items - include if parties have pets or significant personal property

5. Religious or Cultural Considerations: Specific provisions related to religious or cultural practices - include if relevant to the parties

6. Children: Provisions regarding existing children or future children - include if parties have or plan to have children

7. Insurance and Medical Care: Arrangements for insurance policies and medical care - include if parties wish to address healthcare matters

8. Intellectual Property Rights: Protection of individual intellectual property - include if either party has significant IP assets

Suggested Schedules

1. Schedule A - Separate Property Inventory: Detailed list of each party's separate property owned prior to cohabitation

2. Schedule B - Joint Property Inventory: List of property owned jointly at the time of agreement

3. Schedule C - Financial Disclosure: Current financial status of each party including assets and liabilities

4. Schedule D - Household Expenses: Breakdown of household expenses and agreed contribution proportions

5. Schedule E - Valuable Items: List of specific valuable items and their agreed ownership

6. Appendix 1 - Supporting Documents: Copies of property titles, bank statements, and other relevant documents

7. Appendix 2 - Proof of Independent Legal Advice: Certificates of independent legal advice received by each party

Authors

Alex Denne

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

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