Georgia 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

Marital property is defined as those assets acquired during the marriage, like real estate, stocks and bonds, cars, income, and some insurance policies.

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.

Georgia is not a community property law state but rather a marital property state. This means that during a divorce the law gives both spouses equal division in any property acquired during the course of the marriage. This is referred to as an equitable distribution strategy.

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.

Irrespective of whether you are married in community of property or out of community of property, the general rule is that the spouse who rents or owns the property is not entitled to eject the other spouse from the matrimonial home, nor may the other spouse eject the spouse who rents or owns the property.

In Georgia, since your residence may be considered marital property, it is generally not a good idea to unilaterally decide to lock your spouse out or deny him/her access to your home without permission from the court.

Is Georgia a Community Property State? No, Georgia is not a community property state. Instead, Georgia divorce laws give both spouses an equitable interest in all property acquired during the couple's marriage. This is called an "equitable distribution" approach.

Property is usually divided based on whether a state follows the legal theory of community property or equitable distribution. Georgia, like most states, doesn't recognize community property where everything acquired by each spouse during the marriage is owned equally by both spouses.

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

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.

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