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.
The Wisconsin Designation of Separate Property and Release of Marital Property Rights Regarding Certain Real Property, commonly known as the Free Trader Agreement, is a legal document used in the state of Wisconsin to protect the separate property rights of spouses owning or acquiring real property during their marriage. This agreement provides clarity and protection for individuals who wish to maintain their ownership rights over specific real estate assets. The primary purpose of this agreement is to designate certain property as separate from marital property. In Wisconsin, marital property includes any property acquired by either spouse during the marriage, except for gifts or inheritances explicitly intended for only one spouse. By establishing a clear designation of separate property, individuals can safeguard their personal assets and prevent them from being considered marital property subject to division in the event of a divorce. The Free Trader Agreement also includes a release of marital property rights, meaning that both spouses voluntarily relinquish any claims they may have over the designated separate property. This release is significant as it ensures that both parties acknowledge and consent to the property's separate nature, providing legal certainty and avoiding future disputes regarding ownership. Additionally, the Free Trader Agreement serves as a valuable tool for individuals who wish to enter into a free trader arrangement regarding certain real property. A free trader arrangement allows spouses to transact individually with their separate property, without the involvement or consent of the other spouse. This agreement effectively grants each spouse the freedom to buy, sell, mortgage, or otherwise encumber their separate property without interference from the other spouse. It's important to note that there are no distinct types of Wisconsin Designation of Separate Property and Release of Marital Property Rights Regarding Certain Real Property — Free Trader Agreements. However, different variations of the agreement may exist to address specific circumstances or property types, such as residential properties, commercial properties, or vacant land. In conclusion, the Wisconsin Designation of Separate Property and Release of Marital Property Rights Regarding Certain Real Property — Free Trader Agreement is a crucial legal document that allows individuals in Wisconsin to protect their property rights and ensure the separation of certain assets from marital property. By utilizing this agreement, spouses can establish clear boundaries regarding property ownership and enable independent transactions with their separate real property assets.
