North Dakota 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 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.

In common law property states, property that is acquired by one spouse is considered their sole property unless the title or deed carries both spouses' names.

North Dakota is NOT a community property state, which means that marital property is not automatically divided 50/50 between the spouses in a divorce case.

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

Alimonyalso called spousal support in North Dakotais a court-ordered payment from one spouse to the other during a divorce and/or for a period after.

Alimonyalso called spousal support in North Dakotais a court-ordered payment from one spouse to the other during a divorce and/or for a period after.

North Dakota is an equitable distribution state. This means that property will be split between spouses in a way that is equitable. Equitable division does not have to be equal, but the court must start by presuming that all the property will be split equally between the spouses.

North Dakota is NOT a community property state, which means that marital property is not automatically divided 50/50 between the spouses in a divorce case.

North Dakota's divorce laws are fairly similar to those of other states, with a six-month residency requirement and access to "no-fault" divorce. In addition to "irreconcilable differences," one party may sue the other for divorce on grounds of adultery, cruelty, or other grounds.

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