Free Trader Agreements in North Carolina: What You Need to Know
Divorce proceedings can be a complicated and drawn-out process, and each state has different procedures. In North Carolina, the dissolution of marriage follows specific protocols. If you’re a couple involved in this process, you’ve likely heard of a Free Trader Agreement, but you might wonder how it works and why you need it.
As your potential divorce lawyers, we don’t want you to be confused by anything along the way. Our aim is to simplify everything as much as possible. So, we’re sharing the ins and outs of this Agreement to help you make a fully informed decision.
What is a Free Trader Agreement?
A Free Trader Agreement is an essential document for couples during the separation period but before the finalization of a divorce. It allows one spouse to purchase property without requiring the other spouse’s name to be on the deed or purchase contract. This ensures the other spouse has no claim to the property or declare any marital rights to the newly acquired property at any time.
Free Trader Agreement vs. Separation Agreement
A Free Trader Agreement may be included as part of the Separation Agreement, or may be a separate agreement entirely. A Separation Agreement specifies how each married person will equitably divide real estate and other property, possessions, debt and other marital debts or assets. A Free Trader Agreement, will only address the separate purchase of property to be acquired after the date of marriage but before the date of divorce.
Purpose and Details of a Free Trader Agreement
As stated above, the purpose of a Free Trader Agreement is to protect the interests of one spouse, primarily in regard to real estate purchases or sales.
Main Provisions of the Free Trader Agreement
Here are a few things you should make certain to include when drafting your agreement:
- Personal details of each spouse
- Start and end dates of the agreement
- Terms of the agreement
- Notarized signatures of both spouses
Making the Free Trader Agreement a Binding Document
To ensure this agreement is legal, it will need to be:
- Signed and authorized by both spouses
- Witnessed in the presence of a notary public
- Recorded with the Register of Deeds
We’ll be happy to help you and your spouse with drafting and finalizing these agreements. Contact Freedom Law | North Carolina today to get started.