Who Keeps the Dog If You Break Up? | Pound Ridge Real Estate

You’re in love. And, after careful consideration and heartfelt discussions, you and your significant other have decided to take a leap of faith and move in together. After all, your dogs already get along, and the apartment you’re renting is big enough for two and closer to your partner’s work. What could possibly go wrong?

Sorry to burst your bubble, but the answer is: a lot. While deciding to cohabitate may seem like nothing more than making a little extra space in your sock drawer, there are serious considerations to discuss. Here are five reasons why ironing out the details beforehand and drafting a cohabitation agreement is the savviest way to protect you and your partner if things begin to unravel.

1. Avoid breaching your lease

A lease agreement is a type of contract allowing either party the opportunity to seek damages (i.e., money) if its terms are not followed. If you are renting on your own, your lease agreement is between you and your landlord only. In other words, your new roommate is not protected by the terms of the agreement, and vice versa for the landlord.

Many leases contain a clause requiring notification or written approval prior to moving in a new tenant. Even if yours doesn’t, the smartest move is to speak with your landlord or property manager about drafting a new lease agreement with your partner’s name added to the contract. That way, everyone is protected and legally bound in the event an issue arises.

Also, keep in mind that if your lease requires written permission from the landlord and you fail to follow that step, your landlord is within his rights to terminate the lease, leaving you, your partner and all your belongings without a place to call home.

2. Safeguard your stuff

Another recommended step prior to moving in together involves adding your partner to your renters insurance policy or asking your partner to obtain his or her own renters insurance policy.

Generally considered an inexpensive risk management tool, renters insurance protects the policyholder from financial loss in the event of fire, water damage, mold or robbery. However, a policy only protects the belongings of the policyholder. Therefore, if you are robbed and your partner’s expensive jewelry is targeted, you will likely be unable to recover the value of these items if he or she is not listed on the policy.

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