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A cohabitation agreement in Nevada is a contract between unmarried couples, similar to a prenuptial agreement. It outlines property division in case of a breakup. Key points: 1) It is recommended to have the agreement in writing to easily prove terms in court. 2) Couples can choose property arrangements, such as owning property together or separately. 3) "Palimony" may be included for financial support post-breakup, along with other provisions.