Generally, when married couples purchase property, they must do so as a unit so that both can be held financially responsible by the mortgager. This would be a problem for couples who separate and wish to move on with their lives by buying property independently of their spouse prior to the finalization of their divorce. A free trader agreement solves this problem by making it legal for a still-married person to do so without having to place the other spouse on the deed to the new property.
At Rech Law, P.C. our Charlotte lawyers can create a free trader agreement which will protect both spouses in this eventuality. As experienced attorneys, we have dealt with every type of scenario and issue that can arise in family dynamics. Our knowledge, skill, and commitment to client satisfaction are well-known in the Charlotte area, and we can apply all of our legal abilities to helping you resolve your family law issue.
Phone Rech Law to schedule a consultation at (704) 659-0007 or contact us online today.
A free trader agreement gives each person the legal right to purchase property independently of the other while still being married. This allows the purchasing spouse to acquire and retain the property as a separate asset; it also remains his or her sole financial responsibility. Thus, the other spouse is protected from any financial obligation regarding the purchased property.
Additionally, free trader documents can also contain agreements that the spouses will not create any other financial obligations in the name of the other, such as seeking credit. They may also agree to be prompt in paying any financial obligations they themselves incur independently after the date of separation and not hold the other responsible for those debts. This is another protection for both spouses.
Free trader agreements can be created in:
Free trader agreements need to be drafted according to North Carolina law and be signed by both parties.
When it comes to family law issues that have the potential to escalate into deeper financial and emotional conflicts, a free trader agreement can be a wise proactive step. Our Charlotte free trader agreement attorneys stand ready to provide skilled guidance through this financial matter as well as any other problems that can arise before, during, or after a marriage.
Reach out to our firm at (704) 659-0007 to discuss your case today.