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What Is a Free Trader Agreement?

What Is a Free Trader Agreement?

A free trader agreement is a legal document that allows a spouse to purchase property after legal separation without needing to place the other spouse on the deed.

For example, a couple separates and one party continues to live in the marital home. The other party moves out with the intention of buying their own home. However, there is an issue with the paperwork because the spouse who lives in the marital home refuses to sign the deed for the new property. To avoid this, the spouses should have created a free trader agreement.

The Importance of a Free Trader Agreement

North Carolina law requires a 12-month waiting period from the official date of separation before a couple can file for divorce. This means any plan to purchase or sell real property should be put on hold until after the waiting period. For this reason, most lawyers who practice free trader agreement law include a provision for this in a separation or property settlement agreement.

Memorandum of Separation

A memorandum of separation is a clause within a free trader agreement explaining that both parties resolved all marital claims in a Separation Agreement. In addition, this memorandum supplies a complete Free Trader Provision in the document. This clause binds both parties to sign an official Free Trader Agreement at a later date, which will protect them from any legal real estate issues before the divorce is finalized.

Protecting Your Best Interests

At Rech Law, P.C., our lawyers can help you create a free trader agreement that will help you purchase property during the legal separation period. We are committed to providing our clients with sound legal guidance and will strongly advocate for your rights.

For a case evaluation, call our firm at (704) 659-0007 or contact us online.

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