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In Nevada, a cohabitation agreement is a contract for unmarried couples living together, similar to a prenuptial agreement, detailing property division in case of a breakup. Three key points to note are: 1) These agreements can be established in writing, verbally, or through actions, but it's strongly recommended to formalize them in a written contract for enforceability in court. 2) Couples can define their property arrangements, choosing to treat property as community or separate, or a mix of both. 3) The agreement may also include terms for palimony, where one partner provides financial support to the other after a breakup, along with additional provisions as desired.