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

State:
Multi-State
Control #:
US-01395BG
Format:
Word; 
Rich Text
Instant download

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

Essentially a free trader agreement enables a person who is legally separated from their spouse to purchase property without putting their spouse on the deed.

Marital assets are property which is considered to be in the possession of or belonging to both spouses. In general, this is property that was obtained after the marriage was finalized and is considered marital property.

Matrimonial property is defined as all the assets belonging to the parties (whether jointly or solely) at the relevant date (see below) which were acquired during the marriage but before the relevant date.

The separation of property is the matrimonial property regime under which each spouse retains exclusive ownership of property acquired during the marriage.

In general, separate property or non-marital property is any property, real or personal, acquired before marriage, after divorce (or in some states by separation of the spouses before divorce), by gift or inheritance during marriage, or during marriage with separate property funds.

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

Essentially a free trader agreement enables a person who is legally separated from their spouse to purchase property without putting their spouse on the deed.

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.

A separation agreement or other written document is not required to be legally separated in North Carolina. To be considered separated from your spouse, you need to be living in different homes, and at least one of you needs to intend that the separation be permanent.

If you decide to get a divorce from your spouse, you can claim up to half of their 401(k) savings. Similarly, your spouse can also get half of your 401(k) savings if you divorce. Usually, you can get half of your spouse's 401(k) assets regardless of the duration of your marriage.

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