Arkansas Designation of Separate Property and Release of Marital Property Rights Regarding Certain Real Property - Free Trader Agreement as to Certain Real Property

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Multi-State
Control #:
US-01395BG
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Word; 
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Description

A free trader agreement is often used between spouses when one spouse wants to purchase property without putting their spouse on the deed. It is also used to ensure that the spouse does not obtain an interest in the property. The spouses typically agree that neither will create any obligation in the name of or against the other, nor secure or attempt to secure any credit upon or in connection with the other, or in his or her name. This form only deals with a particular piece of real property.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Separate Property in California. In summary, the definition of separate property is any asset owned entirely by one spouse. Community property includes any assets owned equally by both spouses (typically acquired during the marriage).

Arkansas is an equitable distribution state when it comes to property division in the dissolution of a marriage. Parties to a divorce have the ability to personally divide their property by a signed settlement called a Marital Separation Agreement or a Property Settlement Agreement, which the judge must approve.

Arkansas Property Division Summary All non-marital property or property acquired by one spouse prior to the marriage or property acquired during the marriage by one that is designated to remain separate and apart from the marital estate remains that spouse's separate property and is not subject to property division.

Property Division in Arkansas The statute essentially requires that all marital property be divided in half (unless such division is inequitable) while non-marital property be returned to the party who owned it before the marriage. A natural source of dispute, then, is what exactly constitutes marital property.

There is no presumption under Arkansas law that an equal division of marital debts must occur. If the circuit court judge finds that you have the ability to pay the debts without materially changing your lifestyle, you may be awarded more debt than your spouse, and vice versa.

There are currently nine community property states:Arizona.California.Idaho.Louisiana.Nevada.New Mexico.Texas.Washington.More items...

Arkansas is a fault state for divorce. This means you will have to show that your spouse did something to you in order to get a divorce. The only way to get a divorce from your spouse without showing fault is to live separate and apart from your spouse for at least 18 continuous months.

The term applied to the property that is owned and controlled by a spouse where the partner has no control over.

Therefore, just like a normal person, a company can own properties / assets in its own name and the assets are not needed to be purchased in the name of a shareholder. It is therefore said that separate property can be owned by the Company and accordingly the Company does not require a shareholder to own a property.

Arkansas is NOT a community property state, which means that marital property is not automatically divided 50/50 between the spouses in a divorce case.

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Arkansas Designation of Separate Property and Release of Marital Property Rights Regarding Certain Real Property - Free Trader Agreement as to Certain Real Property