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A cohabitation agreement in Nevada is a contract between unmarried couples living together, similar to a prenuptial agreement. It outlines how property will be divided in case of a breakup. Three key points to note are: 1) agreements can be made in writing, verbally, or through conduct, but it's best to notarize them; 2) couples can choose their own property arrangement; 3) agreements can include provisions for financial support payments in the event of a breakup.