If you have been living with a significant other for an extended period of time, you may want to consider having a cohabitation agreement.
Even though there are laws in place for common-law couples, an official agreement will protect each member of the relationship in the case of separation or other forms of estrangement.
You don’t have to be married to run into issues after the relationship is over. Without a cohabitation agreement, your ex may have a legal claim to some of your shared assets, or you may be held responsible for any debt they accrued during the relationship.
While cohabitation agreements in Alberta are not a legal requirement, you should consider getting one if you are interested in protecting your assets after the relationship is over.
Keep in mind that a cohabitation agreement only applies to non-married couples and does not constitute a prenuptial agreement upon marriage.