Oklahoma 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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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

The Purpose of a Free Trader Agreement 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. For example, let's say that you and your partner separate, and you decide to buy a new home while separated.

Separate Property and Marital Property Separate property is property that a spouse owned prior to marriage, any gifts from a third party to one spouse, inheritance and any legal settlements received during marriage. For example, your best friend gave you a birthday present, that is your separate property.

The division of property during a divorce in Oklahoma is based on the principle of equitable property, which holds that property should be divided equitably based on each spouse's contribution to marital property, and in the best interest of your children.

Marital property is usually considered to be that property acquired during the marriage. This can include the family home, cars, cash, investments, and personal property such as furniture or jewelry. Generally, separate property is that property acquired outside of or before the marriage. There are some exceptions.

Separate Property in California. In summary, the definition of separate property is any asset owned entirely by one spouse. Community property includes any assets owned equally by both spouses (typically acquired during the marriage).

During divorce, gifts and inheritances remain the sole property of the person to whom they were given. The inheritance or gift must have been made solely to the one spouse in order for it to be considered separate. If the gift or inheritance was given to both spouses, it is considered to be a marital asset.

Any property acquired during a marriage is marital property, regardless of how it is titled or who owns it. This includes cars, houses, bank accounts, and all other property and assets. Oklahoma, along with 40 other states, is classed as an Equitable Distribution state.

Separate property is property that a spouse owned prior to marriage, any gifts from a third party to one spouse, inheritance and any legal settlements received during marriage. For example, your best friend gave you a birthday present, that is your separate property.

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.

The term applied to the property that is owned and controlled by a spouse where the partner has no control over.

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