Co-Habitation Agreement

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Co-Habitation Agreement

Co-Habitation Agreement

Co-Habitation Agreement

This Co-Habitation Agreement (the "Agreement") is made and entered into as of this {{day}} day of {{month}}, {{year}}, by and between:

Party A: {{party_a_name}}, residing at {{party_a_address}} (hereinafter referred to as "Party A").

Party B: {{party_b_name}}, residing at {{party_b_address}} (hereinafter referred to as "Party B").

Collectively, Party A and Party B are referred to as the "Parties".

Recitals

WHEREAS, the Parties intend to co-habit and reside together at the property located at {{property_address}} (the "Property");

WHEREAS, the Parties desire to define their respective rights and obligations with respect to their property, income, expenses, and other financial matters during their period of co-habitation and upon its termination;

WHEREAS, the Parties acknowledge that they are entering into this Agreement voluntarily and with full knowledge of its implications and their respective legal rights.

Separate Property

Each Party shall keep and maintain as their sole and separate property all assets, whether real, personal, or mixed, owned by them prior to the commencement of their co-habitation, or acquired by them individually during the co-habitation by gift, inheritance, or personal effort, and all income and proceeds derived therefrom. Neither Party shall have any claim or interest in the separate property of the other.

Joint Property

Any property, whether real, personal, or mixed, acquired by the Parties jointly during the period of co-habitation, with the express intention of common ownership, shall be considered joint property. The Parties shall agree in writing on the specific ownership percentages or shares for any such joint property at the time of its acquisition.

Household Expenses

The Parties agree to contribute to household expenses, including but not limited to rent/mortgage payments, utilities, groceries, and common household supplies, in the following manner: {{expense_contribution_details}}. Any deviation from this arrangement must be agreed upon in writing by both Parties.

Bank Accounts

The Parties shall maintain separate bank accounts for their individual income and expenses. If the Parties choose to establish a joint bank account for shared household expenses, the terms of its operation and contributions thereto shall be documented in a separate written agreement.

Debts and Liabilities

Each Party shall be solely responsible for their individual debts and liabilities incurred before or during the co-habitation. Neither Party shall be held liable for the debts or obligations of the other, unless specifically agreed upon in writing by both Parties.

Termination of Co-Habitation

In the event of the termination of co-habitation, the Parties agree to resolve all matters relating to property, finances, and any other outstanding issues in accordance with the terms of this Agreement. Any joint property shall be divided as previously agreed upon, or in the absence of such agreement, sold and the proceeds divided equally. Each Party shall vacate the Property within {{notice_period}} days of receiving written notice from the other Party, if they are not the sole owner of the Property.

Dispute Resolution

Any dispute or claim arising out of or in connection with this Agreement, or the breach, termination, or invalidity thereof, shall be resolved through good faith negotiations between the Parties. If the Parties are unable to resolve the dispute, they agree to seek mediation with a mutually agreed-upon mediator before resorting to litigation.

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the Republic of South Africa.

Signatures

IN WITNESS WHEREOF, the Parties have executed this Co-Habitation Agreement on the date first written above.

_____________________________

Party A: {{party_a_name}}

Date: {{date_a}}

_____________________________

Party B: {{party_b_name}}

Date: {{date_b}}

WITNESSES:

_____________________________

Witness 1 Name: {{witness_1_name}}

Address: {{witness_1_address}}

Date: {{date_witness_1}}

_____________________________

Witness 2 Name: {{witness_2_name}}

Address: {{witness_2_address}}

Date: {{date_witness_2}}