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A cohabitation agreement in Nevada is like a prenuptial agreement for unmarried couples, detailing how property will be divided in case of a breakup. It can be written, verbal, or through conduct, but it's recommended to have it notarized for enforceability. Couples can choose how to own property - as community property, separately, or a mix. Palimony, financial support after a breakup, can also be included in the agreement.