Kansas 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
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US-01395BG
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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 a community property state includes:All property owned by a spouse prior to marriage. Any property obtained by a spouse after a legal separation. Any property received as a gift or inheritance during the marriage from a third party such as joint banking accounts. Any pre-marriage debts.

Property owned by either party prior to marriage is that party's separate property, provided that it is not gifted to the marital unit. Equitable distribution law presumes, further, that an equal (50/50) division of the marital property will be equitable.

Property owned by either spouse before marriage or acquired after marriage by gift, descent, or devise is separate property. In a community property state, a surviving spouse has a right to one-third of all the deceased spouse's estate, regardless of any provision in the deceased spouse's will.

The terms transmutation and commingling are frequently referred to with regard to marital property and separate property determinations in a matrimonial action.

Transmutation is a term used in family law to describe property that has been transformed from a party's separate property into marital property. In the context of equitable distribution, the term separate property refers to property that is owned by one spouse individually.

While a few states have enacted laws that consider all marital property as "community property," which is equally owned by both parties and must be equally divided after a divorce. Kansas, however, has no community property law.

Cal. Fam. Code 851 states simply that transmutations of property are subject to the laws prohibiting fraudulent transfers. This means that a person can transmute the character of item of marital or separate property in order to divest another person or creditor from their lawful right to that property.

Community property is all property other than separate property, acquired by either spouse during the marriage. all property, real or personal, owned by the spouse before marriage and any property acquired after the marriage by gift, devise or descent.

Any income and any real or personal property acquired by either spouse during a marriage are considered community property and thus belong to both partners of the marriage. Under community property, spouses own (and owe) everything equally, regardless of who earns or spends the income.

Transmutation refers to a legal doctrine which allows for separate property to be changed into community property, or vice versa. Community property generally refers to any property or assets that a couple obtains during their marriage, and owns together.

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