Cohabitants can protect their interests by taking the following steps:
Cohabitation Agreement: Draft a legally binding agreement specifying property division, financial responsibilities, and support arrangements.
Declaration of Trust: Create a document addressing property ownership and how proceeds will be split should the partners separate.
Financial Clarity: Be transparent about financial contributions, shared assets, and expenses.
Wills: Establish individual Wills to ensure assets are distributed as intended.
Legal Advice: Seek legal counsel when creating agreements or addressing property ownership disputes.