How do I protect my equity from a down payment on a condo with my boyfriend?

A cohabitation agreement, also known as a domestic partnership agreement, is a legal document that outlines the rights and responsibilities of individuals who are living together in a romantic or familial relationship but are not married.

If you and your boyfriend have made a down payment on a condo together, it is important to have a cohabitation agreement in place to protect your equity and clarify any misunderstandings or disputes that may arise. This can be especially important if you are not sure whether the relationship will last long-term or if you are concerned about protecting your financial interests. A less formal relationship may end more quickly or catastrophically than a marriage. If the couple ends up getting married, this would be a life event where the co-mingled assets would be evaluated into a new legal agreement such as an estate plan.

Here are a few things you may want to consider including in your cohabitation agreement:

1. Division of expenses: Outline how expenses such as mortgage payments, utilities, and other household bills will be paid and divided between the two of you.
2. Ownership and use of property: Specify who owns what property and how it will be used, including the condo you have purchased together.
3. Financial support: If one partner is financially supporting the other, consider outlining the terms of this support in the agreement.
4. Decision-making: If you have joint assets or debts, outline how decisions about these will be made.

It is important to keep in mind that a cohabitation agreement is not the same as a marriage or domestic partnership agreement. It does not provide the same legal protections and benefits as a marriage or domestic partnership, and it is not recognized by the government in the same way. However, it can be a useful tool for clarifying expectations and protecting your interests in a cohabitation relationship.

It is always recommended to seek the advice of a qualified attorney when drafting a cohabitation agreement. An attorney can help ensure that the agreement is fair and legally enforceable.