Free Trader Agreements
Upon separation, each spouse needs a place to live. Typically, one spouse will keep the marital residence and the other spouse will move someplace else. A problem may arise when the spouse who moves out wants to purchase real estate. Until the divorce is final, both names need to go on the deed. A Free Trader Agreement allows one spouse to purchase property after separation, but before absolute divorce, without the necessity of having the other spouse placed on the deed.
Not only does a Free Trader Agreement allow a spouse to freely purchase property, but the property purchased is kept separate. In other words, the purchasing spouse retains the property as a sole asset and as a sole obligation. Unless otherwise agreed, the marital residence will still remain marital property, and will not be sold without joint consent.
A Free Trader Agreement may also address debt and obligations from the date of separation until absolute divorce. Often, upon separation, one spouse will continue to make credit card charges and incur joint debt. This is usually done without the other spouse's permission or knowledge. A Free Trader Agreement may prevent one spouse from seeking credit or incurring financial obligations jointly.
A Free Trader Agreement is a contract and should be drafted in accordance with N.C.G.S. 52-10 and N.C.G.S. 39-13.4. They must be signed by both parties, notarized, and filed with the Register of Deeds.
Adkins Law is able to provide you with assistance in a variety of family law issues, including free trader agreements. Contact Adkins Law if you wish to speak with an experienced Huntersville divorce attorney. One of our Huntersville divorce lawyers can assist you in the process of getting a free trader agreement.
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