Maryland 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

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.

No, Maryland is not a community property state. It is an equitable distribution state. Unlike community property, equitable does not mean equal. Equitable is defined as fair and just under the facts of the particular case. Therefore, the Court has discretion to evaluate each party's needs and entitlements.

The manner in which title is held in Texas does not determine ownership. Separate property can also be transformed into community property under much simpler circumstances. If you add your spouse's name to the title of an asset after you marry them, it becomes community property.

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.

Under New York State law, generally speaking, separate property is defined as property acquired by an individual prior to marriage, and marital property", in the absence of a prenuptial agreement, is defined as property acquired by one or both spouses during the marriage, irrespective of whose name the asset is in.

Wives: A wife is entitled to an equal share of her husband's property like other entitled heirs. If there are no sharers, she has full right to the entire property. A married Hindu woman is the sole owner and manager of her assets whether earned, inherited or gifted.

At the time of divorce, a woman can claim in court for her rights and contribution to the property. If the property is exclusively in the husband's name in such a situation, women can not acquire the share from the property until she proves her share she has given at the time of purchase of the property.

Marital property includes real property (such as a home or land) that the spouses own as tenants by the entirety unless the spouses have a valid written agreement to the contrary. Marital property also includes any property either or both spouses acquired during the marriage.

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.

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.

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