At about this time of year, the papers fill with stories about the post-Yuletide divorce rate.  Incredibly, some bookmakers even take bets upon which date the greatest number of divorce petitions will be filed – known as "D Day".

Yet there are no corresponding figures to record the number of happy couples who decide to "tie the knot" (formally or informally) following this particularly romantic time of year, and of course Valentines day.

At the risk of offending the dictum that "bad news sells", there is in fact much to be happy about, but those who can testify to this aren't dropping into their solicitors to tell them.  Perhaps they should.

The most common manifestation of romance is the proposal to live together.  Cohabitation rates have increased by a staggering 1,500% in America since the mid 60s.  Here in the UK, the rates are just as alarming with double the number of couples cohabiting since even 1996, so that the number is just under three million.  This is a comparatively recent phenomenon necessitated by economic factors, housing shortage, possibly doubt and the mistaken belief of "common law rights".  It is remarkable in an age when we have laws that regulate everything from the clothing of fishmongers to diving off the wreck of the Titanic, that Parliament didn't see fit to put the minds of cohabitees at rest, by introducing legislation that would prevent the extra heartache if things go wrong.

But there is something that you can do to ensure that if things don't work out, you are not at the mercy of an uncertain Judge.  One can enter into a Cohabitation Agreement (or Living Together Agreement) regulating what happens in the event of relationship breakdown.  As most of us know at least someone who has been through a breakup, they will be all too willing to offer an opinion on the virtue of such an agreement.

Those agreements can be straight forward and provide some certainty if a few basic principles are followed.  These include ensuring that both parties disclose their finances and they both take independent legal advice.  Each deed is drafted to suit an individual couples needs.  Some will state that everything owned by them prior to the relationship remains theirs and assets purchased after living together are owned jointly or by whoever purchased them.  Importantly the shares in which the property is owned can be recorded, as indeed can everything from bank accounts to businesses.

Drawing up a Cohabitation Agreement is an ideal opportunity for parties to review their wills (which need to reflect the agreement in any event).  Thereafter the terms can be reviewed as their circumstances change.

As the statistics show, it's no longer the fifties and couples are much more mature about their expectations in a relationship.  Whilst Parliament has yet to catch up, thankfully the legal profession is there on this occasion. 
This document is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from taking any action as a result of the contents of this document.

First published on 21 March 2013 in 'Business News Weekly' within the West Sussex County Times 

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.