North Carolina 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

In North Carolina, separate property can become marital property through various means, primarily when it is used to benefit the marriage, such as when shared funds are used to improve a separate asset. Additionally, if one spouse commingles separate property with marital property, it can lose its status as separate property. Understanding these nuances helps ensure your rights regarding the North Carolina Designation of Separate Property and Release of Marital Property Rights Regarding Certain Real Property are protected.

The bottom line is that in North Carolina, both spouses must sign a deed to sell or transfer real property!

Marital property is all property acquired or earned during the marriage up until the date of separation. Pensions, retirement benefits, and other deferred compensation rights earned during the marriage are also marital property.

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 acquired in exchange for separate property shall remain separate property regardless of whether the title is in the name of the husband or wife or both and shall not be considered to be marital property unless a contrary intention is expressly stated in the conveyance.

Therefore, just like a normal person, a company can own properties / assets in its own name and the assets are not needed to be purchased in the name of a shareholder. It is therefore said that separate property can be owned by the Company and accordingly the Company does not require a shareholder to own a property.

Yes. In the State of North Carolina, the joinder of a spouse is required to pass clear title.

In North Carolina, separate property refers to assets or debts owned by one spouse individually. Separate property is considered all property (real estate or personal property) acquired by a spouse prior to marriage, or acquired by gift or inheritance during the marriage.

In North Carolina, separate property refers to assets or debts owned by one spouse individually. Separate property is considered all property (real estate or personal property) acquired by a spouse prior to marriage, or acquired by gift or inheritance during the marriage.

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