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Residence Sharing Agreement (future) Form

Residence Sharing Agreement (future) Form

Text version of this Form

WHEREAS, ________________ and ___________(“the parties”) intend to reside together in the future; and

WHEREAS, the parties desire to affix their respective rights and liabilities that may result from this joint residency; and

WHEREAS, the parties have fully and completely disclosed to one another their current financial status including assets and liabilities; and

WHEREAS, the parties each have had an opportunity to consult with separate counsel of their own choice or such other advisor as each independently wishes to consult.

NOW THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

Each party shall maintain separate banking accounts, and neither party shall have the right to the proceeds of or access to the same.

Each party waives any claim to palimony or other claim for support resulting from said joint residency.

When the parties reside together, they are not, by such action, to be considered as married by the common law or otherwise shall they occupy the status of being married.

If the parties purchase assets in joint names, the same shall be considered as held in tenancy in common. Each party shall contribute from his or her own income and resources one-half of the upkeep, taxes, and other fees or charges on such property. In the event that one party fails to pay as agreed, and such the other party contribute in excess of one-half, the excess contribution shall be chargeable to the proceeds, if any, upon resale of the property, and such excess contribution shall bear interest at the legal rate of interest then in effect.

Each of the parties hereto waives any claim against the estate of the other party, except for:

Any excess contribution to jointly acquired assets;
Any promissory notes executed by one party to the other;
Any judgment entered in the favor of one party against the other;

provided however, that should either party voluntarily and freely make a devise or other bequest to the other in their will, the recipient shall be entitled to the same.

This relationship of the parties was not based upon or created by the promise of a devise or bequest from the estate of either of the parties.
Other than property purchased in the parties’ joint names, each party waives any claim to assets acquired by the other party before, during or after this period of co-habitation.

Other than debts validly contracted for services or materials or otherwise related to joint property of the parties, if any, neither party shall have the right to obligate, act for, contract for or represent the other party.

The parties shall apportion the necessary and jointly agreed living expenses as follows:

_______________ shall contribute ____________ per cent
_______________ shall contribute ____________ per cent

Should either party be temporarily unable to contribute, the sums may be advanced by the other party. However, after advances totaling $ _____ the same will be considered to be gifts and any obligation to adjust accounts shall cease unless a promissory note is executed therefore.

This is the complete agreement of the parties and there are no agreements other than those stated herein. This agreement may only be modified by a writing executed by both parties hereto.

* READ CAREFULLY BECAUSE THIS IS A LEGALLY BINDING AGREEMENT *

____________________, 20_____

______________________________________
First Party

______________________________________
Second Party

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