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Cohabitation Property Agreement

Cohabitation Property Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Cohabitation Property Agreement

"I need a Cohabitation Property Agreement for a situation where I own the apartment we'll live in, and my partner will contribute to monthly expenses and renovations starting January 2025; we need clear terms about property rights and expense sharing."

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Document background
The Cohabitation Property Agreement serves as a crucial legal instrument for unmarried couples living together in Hong Kong who wish to establish clear property rights and financial arrangements. With the increasing prevalence of cohabitation relationships and the absence of specific cohabitation laws in Hong Kong, this agreement fills an important legal gap by providing a contractual framework for property ownership and financial responsibilities. The document typically covers separate and joint property ownership, financial contributions, expense sharing, and property division procedures in case of separation. It's particularly important in Hong Kong's high-value property market and is recommended for couples making significant joint investments or maintaining separate assets while living together. The agreement relies on Hong Kong's contract law principles for enforcement and should be regularly reviewed to reflect changing circumstances.
Suggested Sections

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

2. Background: Context of the relationship, purpose of the agreement, and current living arrangement

3. Definitions: Definitions of key terms used throughout the agreement, including 'separate property', 'joint property', 'cohabitation', etc.

4. Duration and Commencement: When the agreement takes effect and how long it remains valid

5. Separate Property: Declaration and listing of properties owned separately by each partner

6. Joint Property: Declaration and treatment of jointly owned property, including proportions of ownership

7. Financial Arrangements: How routine expenses, utilities, and living costs are shared

8. Property Acquired During Cohabitation: Rules for determining ownership of property acquired during the relationship

9. Termination: Circumstances and process for terminating the agreement

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

11. Dispute Resolution: Process for resolving disagreements about the agreement or property division

12. Governing Law: Confirmation that Hong Kong law governs the agreement

13. Entire Agreement: Standard clause confirming this document represents the complete agreement between parties

Optional Sections

1. Rental Property Arrangements: Used when partners are renting their shared home, detailing lease responsibilities

2. Business Interests: Include when either partner owns a business or they have joint business interests

3. Inheritance Rights: Optional provisions regarding inheritance rights between partners

4. Pets and Personal Property: Used when there are shared pets or significant personal property to address

5. Debt Allocation: Include when there are existing debts or expectations about future debt responsibility

6. Insurance Arrangements: Used when partners want to specify life, health, or property insurance obligations

7. Future Property Acquisition: Include when partners plan to acquire specific properties in the future

8. Children: Include if there are children from previous relationships or planned children, regarding property implications only

Suggested Schedules

1. Schedule 1 - Separate Property Inventory: Detailed list of each partner's separately owned property with values

2. Schedule 2 - Joint Property Inventory: Detailed list of jointly owned property with ownership proportions

3. Schedule 3 - Financial Accounts: List of bank accounts, investments, and other financial assets

4. Schedule 4 - Expense Sharing Agreement: Detailed breakdown of how shared expenses will be divided

5. Schedule 5 - Property Valuation Reports: Current valuation reports for significant properties

6. Appendix A - Property Documents: Copies of property titles, deeds, and relevant documentation

7. Appendix B - Financial Statements: Current financial statements of both parties

Authors

Alex Denne

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

alex.den.21@genieai.co
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