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A cohabitation agreement is a legal document for parties who are not married or do not intend to marry, outlining their rights and obligations while living together. It primarily addresses property division and potential support obligations upon separation. However, the agreement cannot include terms related to children, decision-making, or parenting time, as these issues are restricted under the Family Law Act. Additionally, it's important to note that cohabitation agreements automatically convert into marriage contracts if the parties marry, unless specifically stated otherwise in the document.