If you’re considering a divorce, you’re probably thinking about what your future will look like after your divorce is finalized. You may be thinking about where you and your children are going to live and considering purchasing property.
If you purchase property before your divorce is finalized, however, your soon-to-be-ex might be included on the deed. To avoid this, you will both have to sign a free trader agreement.
In North Carolina, a free trader agreement is a legal document that allows one spouse to purchase property without the other during a period of separation. This is important because the state requires couples to separate for 12 months before granting them a divorce.
Some couples do not want to wait to begin their new lives and might wish to purchase their own property during this time. A free trader agreement makes this possible.
Should You Wait to Buy Property?
Still, you may want to wait until your divorce is finalized to buy property, especially if you are concerned about the division of assets during your divorce. The money you spend on a house must be yours and yours alone – you cannot use marital assets to buy a new home.
Additionally, having a new asset like a home could negatively impact you in divorce proceedings. For instance, the court may question requests for alimony and child support if you had the money to buy a nice new house.
Divorce is an emotional time, and buying a house is a big, often stressful decision. Just because you can buy a house during your divorce does not mean you should.
Before making any big decision during a divorce, you need to speak to your divorce attorney.
If you do not have a divorce attorney yet, you’ve come to the right place. Rech Law, P.C. has been helping clients like you since 2010. No matter how impossible your situation may seem, we can help you through it. Our highly awarded and reputable team has a track record of successful outcomes, and when you call us, your case becomes our priority.
Get started by calling us at (704) 659-0007 or contacting us online today.