Why Barbie and Ken want a cohabitation settlement

Behind the stereotypical glamour and appeal of Barbie and Ken’s way of life lies a traditionally unconventional relationship. 

Barbie and Ken dwell collectively however will not be married, which means they’re a cohabiting couple – uncommon again within the sixties when the facility couple first bought collectively.

Barbie is by far the wealthiest of the pair. All through her profitable and different profession, she has amassed the Dreamhouse and the traditional automobile, amongst different high-value belongings, and lives an opulent way of life.

Ken, however, is the financially weaker associate, with fewer notable belongings to his title.

Let’s think about Barbie and Ken finish their relationship as soon as and for all. As cohabitees, what would they should know?

Household Lawyer Filomena Sterkaj explains why Barbie and Ken want a cohabitation settlement.

No completely happy ending for Barbie and Ken

Barbie and Ken’s resolution to cohabit signifies that not like their married counterparts, they haven’t any common authorized standing as a pair. In different phrases, they haven’t any authorized safety in the event that they separate or one in all them dies.

Opposite to well-liked perception, there isn’t any such factor as a ‘frequent legislation’ spouse or husband. Neither is there a time frame after which single {couples} are mechanically entitled to a share of their associate’s belongings, as some consider.

The dearth of authorized safety for cohabitees, means single {couples} haven’t any authorized rights or duties in the direction of one another which may depart them weak.

Who will get the Dreamhouse?

Within the case of Barbie and Ken, Barbie is the only real proprietor of the Dreamhouse and her pink Corvette automobile, making these belongings solely hers. Ought to they determine to half methods Ken wouldn’t mechanically be entitled to a share of Barbie’s belongings.

Excellent news for Barbie. However what about Ken?

Let’s say Ken had made monetary contributions in the direction of the Dreamhouse throughout their relationship, this might probably give rise to proceedings beneath the Trusts of Land and Appointment of Trustees Act (TOLATA).

If Ken can exhibit that he made substantial contributions in the direction of the property’s acquisition or mortgage funds, he might need a declare to a portion of the property’s worth.

Whether or not you’re Barbie, or Ken, it’s equally vital to make clear monetary preparations and property possession from the outset.

How might a Cohabitation Settlement assist?

Whereas not completely glamourous, safeguarding their particular person pursuits now would imply Barbie and Ken might set out their agreed monetary place, keep away from authorized complexities, and each profit from some monetary safety for the long run.

They’d be clever to think about a Cohabitation Settlement. It is a contract between single {couples} who dwell collectively that establishes clear preparations for funds, property, and different issues that applies throughout their relationship, and within the occasion of a breakup or loss of life. And supplied it’s drafted and executed correctly by a household lawyer, a cohabitation settlement might be legally binding.

How might Barbie shield her belongings?

Now, let’s say Barbie and Ken determine to tie the knot in the future, every of their belongings might then grow to be matrimonial belongings. This contains the Dreamhouse and the pink Corvette.

To safeguard her private belongings and future monetary safety, Barbie could think about a Prenuptial Settlement earlier than they get married. This Prenup can define how her private belongings, property and cash can be divided in case of divorce, giving her peace of thoughts for the long run, and Ken a transparent understanding earlier than they wed.

The rise in cohabitation

Barbie and Ken’s scenario isn’t uncommon within the Actual World, with a reported 24.3% of {couples} within the UK cohabiting.

Because the number of marriages continues to decline, it turns into much more essential for {couples} to know their authorized standing and search skilled recommendation to guard their pursuits.

Get in contact

For extra details about cohabitation rights, cohabitation agreements and prenuptial agreements, please do get in contact with our Shopper Care Staff utilizing the small print beneath or make a web-based enquiry.

Helpful hyperlinks

Benefits and drawbacks of cohabitation

Prenups, petnups and postnups: a realistic method to marriage

Cohabitation legislation: UK Gov affirm no change in sight