Arizona 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
Format:
Word; 
Rich Text
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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

If you divorce and the house isn't in your name, it does not automatically mean you lose your rights to it. Arizona's community property laws may grant you an interest in the property, especially if it was purchased during the marriage. It is crucial to document your contributions to the home or any agreements made during the marriage. Legal documentation like the Arizona Designation of Separate Property and Release of Marital Property Rights can clarify your standing.

Arizona law defines separate property as property that is acquired prior to marriage, or received as a gift from a third party, or received by inheritance. This also includes gains on such property (such as rent, interest, etc.).

Separate property can also be transmuted into community property by refinancing a loan during the marriage. And unless the parties can agree to a different result in the negotiation of their divorce, that community asset must be divided.

Under Arizona's community property laws, all assets and debts a couple acquires during marriage belong equally to both spouses. Unlike some community property states, Arizona does not require the division of marital property in divorce to be exactly equal, but it must be fair and will usually be approximately equal.

Property acquired prior to marriage is separate and belongs to the spouse who acquired it. Property acquired during marriage is presumed to belong to the community estate except if acquired by inheritance or gift, or by exchange for other separate property.

Marital assets are property that you earn, purchase or otherwise acquire during the marriage. A separate asset can become marital property if you mix it existing marital assets or otherwise use it for the benefit of the household.

One party owns a home prior to the marriage and, after the marriage, conveys title in joint tenancy to both spouses as husband and wife. By doing so, they gift the value of the home to the marriage, and it becomes a community asset.

Arizona law defines sole and separate property as property acquired prior to the date of marriage, after the date of service in a divorce, gifts to one spouse, one spouse's inheritance, and pain and suffering damages. This sounds like a simple distinction, but sometimes the issue becomes more complicated.

Arizona law defines sole and separate property as property acquired prior to the date of marriage, after the date of service in a divorce, gifts to one spouse, one spouse's inheritance, and pain and suffering damages.

A. A spouse's real and personal property that is owned by that spouse before marriage and that is acquired by that spouse during the marriage by gift, devise or descent, and the increase, rents, issues and profits of that property, is the separate property of that spouse.

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