Business & Investment

“My company may IPO and make me a millionaire”: My boyfriend and I have a cohabitation agreement. If we split, does he have the right to my money?

Dear Quentin,

I lived with my boyfriend for 10 years and now I own a house together in Tennessee.

A lawyer helped create a “cohabitation agreement” for the purchase of our home. We have never been in a common-law relationship. We do not mix finances, except for joint bank accounts that pay for mortgages, utilities and food.

He is listed as a beneficiary of some of my financial accounts and vice versa. He also has health insurance as a “cohabitation partner” through my company, but we are not registered in the state as a cohabitation partner.

Hopefully the current 5 year company can do an IPO and make me a millionaire.If we break up, he Any Right to those funds?

Happy together in Tennessee

Dear Happy Together,

Cohabitation agreements are wise, especially if you own a house together. It’s a contract, a de facto prenuptial agreement for unmarried couples. You and your boyfriend agree to the Terms of Service: What happens to your home if you break up or one of you loses the other? Would you like to sell your property and split your revenue into 50/50? Who is your health care proxy?

Your contract covers ownership of your property and covers it as separate / sole property. However, your salary should never be credited to your joint bank account. It doesn’t hurt to go back to the lawyer and make sure you cover issues such as debt and property you acquired while you were together and, of course, your future income. The more detailed the contract, the better.

Of course, marriage is a monetary contract, and if there is no prenuptial agreement, it is subject to state law. Tennessee is fairly distributed, so if you are confused, your couple’s assets will be distributed fairly and equitably (rather than evenly). Tennessee does not allow common-law marriage, but cohabitation agreements are enforceable there.

“”Tennessee does not allow common-law marriage, but cohabitation agreements are enforceable there.

The law is clear for unmarried couples in Tennessee. “Regardless of how much they love each other or how long they live together as a couple, the law treats unmarried couples as separate individuals when it comes to property rights at the time of death or separation.” It states. Mirror lockup show family law In Nashville.

“If a partner dies without a will, Tennessee law determines who inherits his or her property,” the company adds. “The unmarried cohabiting partner couldn’t inherit anything. The two decided to go on different paths, but legally binding to determine how their property would be divided. Without one document, one partner could lose everything. “

Cohabitation contracts, like marriage contracts and prenuptial agreements, show that you trust each other enough to sign with a dotted line. But they only go this far. The longer you spend together, the more intertwined your life, the more intertwined your finances, and the more the couple comes to the fore, so you get bigger questions about investing in your future. increase. We encourage you to take this step and sign one contract at a time.


You You can email The Moneyist with financial and ethical questions related to the coronavirus at qfottrell@marketwatch.com and follow QuentinFottrell. twitter.

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“My company may IPO and make me a millionaire”: My boyfriend and I have a cohabitation agreement. If we split, does he have the right to my money?

http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-78B8-0F9A1C931B62%7D&siteid=rss&rss=1 “My company may IPO and make me a millionaire”: My boyfriend and I have a cohabitation agreement. If we split, does he have the right to my money?

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