Parametric solitons or simultaneous solitary waves (simultons), involving the optical x^(2) nonlinearity, have been the topic of much recent theoretical and experimental interest in nonlinear optics. We propose a novel mechanism by which a similar phenomenon may occur in nonlinear atomic optics, in which coherent molecule formation in a Bose-Einstein condensate takes the place of second harmonic generation. This requires a coupling that converts two atoms into one molecule, thus generating coupled atomic and molecular Bose-Einstein condensates. Our model includes a coherent molecular formation process (i.e., without dissipation) in an atomic BEC vapor, either through a Feshbach resonance or Raman photo-association. The coherently coupled atom-molecular condensate could provide a route to the observation of a localized three-dimensional BEC soliton, even in the absence of a trap potential. A possible application is in the free propagation of a non-diverging atom laser pulse, thus greatly increasing the intensity in an atom laser beam.