A study from Bowling Green State University shows results that remarriage rates have decreased in the United States. The research cites that remarriage rates are down by 40 percent in the past two decades. In 2011, only 29 of every 1,000 divorced or widowed Americans chose to remarry. Going back to 1990, 50 individuals out of every 1,000 divorced or widowed persons elected to get married again. Those who aren’t married but are part of long-term cohabitating relationships need legal protection.
Reasons for second marriages are theorized to be down as a result of the increasing interest in cohabitation. In fact, according to the Census, the number of unmarried couples living together has at least doubled since the 1990s. For those couples out of a first marriage who are concerned about getting married again, a cohabitation agreement should be considered.
The reality is that couples living together are often accumulating assets (and possibly even debts) throughout the length of their relationship, much like a marriage. Without getting married, however, they might lose certain legal rights without the establishment of a cohabitation agreement. These agreements can be important for all couples who live together and want to lay some guidelines with regard to joint and separate property.
Without an agreement in place, one individual in the relationship might lose everything if the couple decides to part ways. In addition to the emotional turmoil that comes with a terminated relationship, having to suddenly adjust to such a major financial change can be extremely difficult. A cohabitation agreement can help to prevent this from happening. Cohabitation agreements have gained increasing traction over the last several years as more individuals in financially lopsided relationships find themselves without any protection when a relationship ends. If you’re ready to take the next step in creating your cohabitation agreement, contact an Illinois family attorney today.