A cohabitation agreement applies to parties that live together but are not married. On some occasions, these agreements explicitly state that the parties never intend to wed, but rather they will share a residence and expenses in a specific way. In other cases, cohabitation agreements are designed to prevent the parties from the comingling of finances. Either way, the primary goal is to reduce the stress associated with any changes in the relationship and ensure the probability of its success. When the parties enter into a contract like this it clarifies their intent with regard to the nature of their relationship and is fully enforceable by Colorado courts.
While the purpose of a cohabitation agreement may seem similar to that of a pre-nuptial agreement, in that they both project into the future, the purpose of each document is different: a pre-nuptial agreement is one that assumes the parties will enter into a marriage together, and a cohabitation agreement assumes that they will not marry.
Even if you only intend to cohabitate for a short time, and eventually marry, it is always a good idea to be sure that your financial interests are protected. For more information on drafting a cohabitation agreement, check with a Colorado Springs Family Law Attorney.