Cohabitation Termination Agreement

Cohabitation Termination Agreement

This Agreement is made and executed on day of , 20, by and between , hereafter referred to as First Party, whose address is , and

, hereafter referred to as Second Party, whose address is .

Whereas, the Parties have cohabited for , but now desire to terminate their cohabitation and, consequently, to formalize the resolution of any and all issues that may have arisen between them as a result of their cohabitation by entering into this formal written agreement, hereafter referred to as the Agreement; and

Whereas, the Parties represent that each has a satisfactory understanding of the nature and approximate value of their own and the other's presently existing assets, liabilities, and income, and freely and voluntarily waive any right they may have to obtain a more complete and accurate disclosure of the other's assets, liabilities, and income; and

Whereas, each Party has had the benefit of independent legal representation at all relevant times during the negotiation, preparation, and entry into the instant Agreement; and

Whereas, each Party is represented by the attorneys of their choice; and

Whereas, the consideration for this Agreement is the Parties' mutual promises and the various provisions contained in this Agreement;

Now, therefore, for and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the parties agree as follows:

1. No Other Laws Apply. The Parties intend that this Agreement shall supersede any and all legal rights that they might otherwise have with respect to each other under any present or future applicable court decision or statute that may tend to contravene the purpose of this Agreement. The Parties specifically waive all legal rights that they might otherwise have with respect to each other under such statutes and decisions, except as expressly set forth in this Agreement.

2. No “Common Law” or Similar “Marriage-Like” Relationship Created. The Parties acknowledge and represent that no rights or obligations akin to a “common law” or other marriage-like relationship, whether such a relationship is recognized under the laws of the State of or any other jurisdiction, was created or presently exists between them as a result of their period of cohabitation. In fact, the Parties, by this Agreement, specifically repudiate and waive any possible such rights or obligations that might be incident thereto. The Parties specifically acknowledge and represent at all times their unmarried and “single” status. Neither Party shall hereafter interfere with the other's chosen lifestyle, desires, hobbies, relationships with their families, friends and others, occupations, and general pursuit of individual happiness.

3. Disclosure of Facts. Notwithstanding any rule of law, the Parties acknowledge that, to their mutual satisfaction, each has had the opportunity to ascertain through a full and candid disclosure by the other, and is satisfactorily acquainted with and aware of the nature of each other's assets, liabilities, income, and general financial circumstances. Each Party has had the opportunity to ascertain and weigh all the facts, conditions, and circumstances likely to influence his judgment in all matters embodied in this Agreement, and each has given due consideration to all such matters and questions, and clearly understands and consents to all the provisions contained in this Agreement.

4. Waiver of Rights to Separate Property. Except as specifically provided to the contrary in this Agreement, each Party shall hereafter separately retain all rights in his own separate, titled property now owned and in any other form traceable to such property, including any appreciation in the value of the separate property as a direct or indirect result of the contribution or efforts of either Party or due to market factors.

5. Release of Possible Rights. Except as provided in this Agreement to the contrary, each Party waives, releases, and relinquishes any and all claims and rights each may have had, presently has, or may in the future acquire to any property titled and held in either Party's individual name, including any and all property that is traceable to such property or acquired, in whole or in part, from the proceeds derived from either Party's separate property, and any appreciation or accretion in the value of that property attributable, directly or indirectly, to the efforts or contributions of either Party, or due to economic or market factors.

6. Parties' Understanding of Rights Waived. The Parties intend that the disposition of all property referred to in this Agreement be deemed a disposition that would fully and completely satisfy any and all possible claims either may have against the other as a result of their period of cohabitation, including, without limitation, for palimony, support and maintenance of any kind, any and all possible equitable remedies (e.g., claims based on quasi-contract, quantum meruit, etc.), or any other such rights, remedies, or entitlements.

7. Bank and Financial Accounts. Each Party shall retain sole and exclusive ownership and possession of any and all bank (e.g., savings, checking, IRA, money market, certificate of deposit, etc.) and financial accounts (e.g., stocks, bonds, securities, etc.) presently titled in their individual names.

8. Joint Real Estate (the Premises). The Parties are joint owners as tenants in common of property located at , (hereafter the Premises).

The Parties agree that First Party will buy out Second Party’s interest in the Premises by paying to him the total sum of $ . This sum shall be paid in two installments as follows: the first installment in the sum of $ on Second Party’s conveyance of his interest in the Premises to First Party by a Deed with Covenants Against Grantor's Acts, together with an appropriate Affidavit of Title and Affidavit of Consideration, and the second installment in the sum of $ by no later than

The conveyance shall take place on or as close as possible to the date of Second Party’s vacation from the Premises as hereafter provided. On the conveyance, assuming Second Party has in fact vacated the premises, Second Party shall thereafter assume full responsibility for all expenses incident to the Premises including, without limitation, the mortgage, home equity line of credit (if any), property taxes, homeowner's insurance, and any and all utilities, and agrees to save, defend, indemnify, and hold First Party harmless in connection with those expenses. Second Party shall vacate the Premises, and shall have removed all of their possessions, no later than . In the event he fails to vacate by that date, in addition to any and all other possible remedies available to (e.g., eviction, summary dispossess action, criminal trespass action, etc.), Second Party shall forfeit receipt of any monies First Party would otherwise be obligated to pay his under this Agreement, and he shall be solely responsible for all carrying costs in connection with the Premises, including, without limitation, mortgage payments, property taxes, homeowner's insurance, necessary repairs and maintenance, and all utilities (e.g., gas, electric, water, telephone, cable television, etc.) until such time as he does in fact vacate the Premises, and he agrees to save, defend, indemnify and hold First Party harmless against any liability therefore. Until , Second Party is entitled to the exclusive use and occupancy of the Premises. He shall also be obligated to pay 50% of the mortgage, property taxes, and homeowner's insurance. First Party agrees to pay the other 50%, and 100% of the utilities incurred at the Premises during his possession of the Premises during the period , and continuing through the date he actually vacates the Premises. Any and all outstanding bills incurred in connection with the Premises prior to , shall be the Parties' equal responsibility. If Second Party fails to promptly meet any of his financial obligations in this regard, or is responsible, directly or indirectly, for any damage caused to the Premises during his exclusive use and occupancy, in addition to any and all other possible remedies available to him, Second Party shall be permitted to pay any such outstanding bills or fix or contract to fix any such damage caused to the Premises, on First Party’s behalf, and shall deduct the amount of any such payments or repairs from any monies he may owe him under this Agreement.

9. Automobiles. First Party shall retain sole and exclusive ownership and possession of the automobile, and Second Party’s shall retain sole and exclusive ownership and possession of the automobile. To the extent either Party must transfer their possible title interest in an automobile to be retained by the other, they agree to promptly execute any document necessary to effectuate this provision. Each Party shall be solely responsible for all expenses and costs incurred incident to owning, operating, and maintaining their respective automobiles, and each agrees to save, defend, indemnify, and hold the other harmless in connection with those expenses or costs.

10. Furniture, Furnishings, and Other Jointly Acquired Personal Property.

The Parties agree that all property acquired between them during their cohabitation period including, without limitation, furniture and furnishings, shall be distributed as follows:

11. Debt. The Parties represent and acknowledge that they are responsible for acquiring essentially five relatively-long term debts; specifically,

A. The mortgage with an approximate balance of $ ;

B. The credit account with an approximate balance of $ ;

C. The credit account with an approximate balance of $ ; and an

D. The credit account with an approximate balance of $ .

Except as provided to the contrary in this Agreement, and assuming Second Party has not added to any of the debt after , Second Party agrees to be solely responsible for assuming and paying all of the debts, and shall save, defend, indemnify, and hold First Party harmless in connection with such debts. In the event Second Party has added to any of the debt after , he shall be solely responsible for paying such debt either directly to the creditor or by reimbursing First Party or indirectly as a result of Second Party’s deducting the amount of the debt from any monies he may owe First Party under the terms of this Agreement.

12. Non-incurrence of Debt. The Parties acknowledge and represent to each other that neither has incurred any debt, charge, obligation or liability whatsoever for which the other, their legal representatives, or either Party's property or estate is or may become liable, nor will either Party incur such debt, charge, obligation or liability without first providing the other with reasonable notice and obtaining the other's written consent. Each Party agrees to defend, indemnify, and hold the other harmless against any loss, expense (including reasonable attorney's fees), and damages in the event any claim is made on the other arising out of or in connection with a breach by either Party of the representations, warranties, and covenants of this Paragraph.

13. Credit Accounts. Each Party agrees to obtain and use his own credit cards and neither shall make any credit purchases by using the credit or credit cards of the other Party. Each Party assumes full responsibility for and agrees to hold the other harmless from all debts, obligations, or liabilities that he has incurred or that he might incur as a result of using their own or the other's credit.

14. Waiver of Right to Seek Compensation for Services. Each Party waives any right to seek financial compensation for any companionship, homemaking, or other services that either may have provided to the other during the period of cohabitation, or for which services or consortium either Party may provide to the other at any time.

15. Disclosure of Assets, Liability, and Income and Voluntary Waiver of Further Discovery. The Parties acknowledge that each has required the other to provide a full, complete, and accurate disclosure of the complete nature and value of their respective assets, liabilities, and income, including by attaching schedules of such assets, liabilities, and income, as well as providing copies of their income tax returns. Each Party represents that they are satisfied with their present understanding and knowledge of the other's assets, liabilities, and income as presently constituted, and each freely and voluntarily waives whatever rights they may have to inquire further into the other's financial circumstances.

16. Attorney’s Fees. In the event that any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees.

17. Voluntary Execution. The Parties acknowledge and represent that this Agreement has been executed by each of them free from persuasion, fraud, undue influence, or economic, physical, or emotional duress of any kind asserted against them by the other or by any other persons.

18. Independent Legal Representation. The Parties represent and acknowledge that each has had the benefit of independent legal representation at all relevant times during the negotiation, preparation, and entry into this Agreement; First Party having been represented by , of the law firm of , with offices located at , and Second Party having been represented by , of the law firm of , with offices located at , , and the Parties represent that they are satisfied with the services rendered by their respective counsel.

19. Agreement as Evidence. This Agreement shall be offered in evidence in any proceeding instituted by either of the Parties in any court of competent jurisdiction in which a determination of the status of the Parties' relationship is sought and shall, subject to the approval of the court, be incorporated in any order or judgment rendered in that action.

20. Severability. The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision.

21. No Waiver. The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred.

22. Governing Law. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of .

23. Notices. Unless provided herein to the contrary, any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement.

25. Mandatory Arbitration. Notwithstanding the foregoing, and anything herein to the contrary, any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect.

26. Entire Agreement. This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement.

27. Modification of Agreement. Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party.

28. Assignment of Rights. The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party.

29. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument.

WITNESS our signatures as of the day and date first above stated.

Acknowledgements