A Universal Partnership Agreement is a legally binding document, drawn up by a lawyer, which states that you and your partner are cohabiting. This agreement then allows you many of the same rights and duties of a married couple.
Legally:
- Both parties must contribute to the partnership
- The partnership must operate for the benefit of both parties
- The object of the partnership should be to make a profit
Benefits of a universal partnership:
- Protect yourself or your partner if one of you passes away – without the agreement in place, or a valid will, neither of you is entitled to inherit anything from your partner should they die.
- Partnership assets are shared – anything you own as a couple will legally belong to both of you. This gives you some asset and financial security should the relationship end.
- You can gain the right to claim maintenance – if one partner is the sole breadwinner in the relationship, the other partner has no rights to maintenance without a prior agreement in place. Be sure to ask your lawyer about how to put in provisions to protect both of you in the event of a split.
- Children resulting from the relationship are better protected – the Children’s Act 38 of 2005 ensures that both parents are responsible for a child that is born out of wedlock. However, with a Universal Partnership Agreement in place, your children are less likely to be subject to messy court proceedings in the event of a separation.
SD Law can help you draw up a Universal Partnership Agreement.