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Common Law Partner Agreement
"I need a Common Law Partner Agreement for a couple where one partner owns a successful tech startup and has significant pre-existing assets, while the other partner is leaving their job to support the business; the agreement should especially focus on business asset protection and fair compensation for career sacrifice."
1. Parties: Identification and details of both partners entering into the agreement
2. Background: Context of the relationship, including duration of cohabitation if applicable, and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Nature of Relationship: Declaration of the partners' intention to live together as common law partners and acknowledgment of the relationship's legal status
5. Cohabitation Terms: Details about living arrangements, shared residence, and household responsibilities
6. Financial Arrangements: Agreement on sharing of expenses, joint accounts, and financial responsibilities
7. Property Rights: Classification and ownership of separate and jointly acquired property
8. Mutual Rights and Obligations: Partners' commitments, responsibilities, and expectations from each other
9. Dispute Resolution: Process for resolving disagreements and conflicts
10. Separation Provisions: Procedures and arrangements in case of relationship breakdown
11. Governing Law: Specification that the agreement is governed by Indian law
12. Execution: Signing and witness requirements
1. Children: Provisions regarding existing or future children, including custody and support arrangements - include if partners have or plan to have children
2. Medical Decisions: Authority for medical decision-making in case of incapacity - recommended for longer-term relationships
3. Insurance and Benefits: Arrangements regarding life insurance, health insurance, and other benefits - include if partners plan to share insurance coverage
4. Intellectual Property: Protection of individual intellectual property rights - include if either partner has significant IP assets
5. Business Interests: Protection of individual business interests and shared business ventures - include if either partner owns a business
6. Religious Observances: Agreements regarding religious practices and observances - include if partners have different religious backgrounds
7. Power of Attorney: Mutual powers of attorney for various purposes - include for more comprehensive agreements
8. Succession Rights: Rights of surviving partner in case of death - include if partners wish to address inheritance
1. Schedule A - Asset Schedule: Detailed list of each partner's separate assets at the time of agreement
2. Schedule B - Liabilities Schedule: List of each partner's separate debts and liabilities
3. Schedule C - Shared Property Inventory: List of jointly owned property and agreed ownership proportions
4. Schedule D - Household Expenses: Breakdown of shared household expenses and contribution proportions
5. Schedule E - Financial Disclosure: Financial statements of both partners
6. Appendix 1 - Dispute Resolution Procedures: Detailed procedures for conflict resolution and mediation
7. Appendix 2 - Separation Procedures: Detailed procedures and calculations for property division upon separation
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