Uniform Cohabitants' Econ Remedies Act
The act details that cohabitating individuals can create cohabitants' agreements that stipulate the terms regarding their property and financial contributions. It provides that these agreements can be oral or written and can cover various aspects of their shared life, thus facilitating clearer expectations and protections for both parties. Importantly, the act affirms the validity of claims arising from contributions that do not include sexual relations, allowing for a wider interpretation of what constitutes a cohabitation arrangement.
House Bill 273, known as the Uniform Cohabitants' Economic Remedies Act, introduces new legal standards surrounding cohabiting couples in New Mexico. Specifically, it establishes a right of action for cohabitants to pursue contractual and equitable claims related to their contributions to the relationship. This act aims to acknowledge and formalize the financial and property rights of individuals who are not married but live together, recognizing their contributions as valid claims in court.
While the bill ostensibly enhances the rights of cohabitants, it may raise concerns among some lawmakers about the potential for complicating existing property law and the interpretation of domestic partnership rights. Critics may argue that it introduces ambiguities regarding the nature of cohabitation agreements and might lead to disputes over the definition and enforcement of such agreements, particularly in light of existing marriage laws. There is also the potential for third parties to be affected by judgments made under this act, which could be contested as it intersects with creditors' rights.