How often should I update my cohabitation or prenuptial agreement?
The frequency with which you should update your cohabitation or prenuptial agreement largely depends on your individual circumstances. As a general guideline, consider reviewing and possibly updating your agreement under the following conditions:
- Significant Financial Changes - if there is a substantial change in either party's financial situation, such as a new job, promotion, or inheritance, it's wise to review the agreement.
- Life Milestones - major life events like the birth of a child, retirement, or acquiring significant assets like property could necessitate an update.
- Relationship Changes - Modifications in the nature of your relationship, such as transitioning from cohabitation to marriage or experiencing long-term separation, may warrant a revision of the agreement if the agreement did not already contemplate them.
- Time - as a best practice, reviewing the agreement every few years can be helpful, even if no significant events have occurred, to ensure that it still aligns with both parties' wishes and circumstances.
Regularly updating your agreement ensures that it remains fair, current, and enforceable.